Bidstack, an in-game advertising (IGA) platform, announced that it raised GBP 10 million (~USD 11.2 million) in an equity share placement to Irdeto, a cybersecurity firm. 

The new share issue represented 38% of Bidstack’s total issued share capital and was priced at a premium to its current share price. Following the announcement, Bidstack’s share rose by ~10%.  

The firm expects to use the new funding to develop a platform to allow users who hold commercial rights to have direct control of the ad content that appears in their intellectual property. The firm also plans to use the funding to accelerate its growth strategy in the US as well as to onboard additional sales and marketing team members in key markets, including the UK, France, Germany, Netherlands, Spain, Italy, Portugal, the Nordics, and Belgium. 

Analyst QuickTake: The new funding, coupled with the recent key hires made is likely to further accelerate Bidstack’s push into the US markets. The share issue which was done at a premium also signals investor confidence in Bidstack’s growth strategy which has been a mix of geographical expansion as well new revenue streams through white-label deals .