Adimo, a global specialist in shoppable marketing solutions, has announced a strategic partnership with FirstPartyCapital (FPC), an early stage venture capital firm specialising in adtech, martech, and digital media.
As part of the Scottish company’s move to accelerate its growth, Adimo has secured additional funding from FPC, alongside existing investors including Scottish Enterprise.
Launched over ten years ago, Adimo started with a mission to help brands make their websites more shoppable. Since then, it has developed a more sophisticated offering, sitting at the intersection of retail media and commerce media.
Adimo now enables consumer packaged goods (CPG), electronics, health and beauty, and DIY brands to monetise a wide-range of their media — from display advertising to video, social to CTV.
For consumers, this helps to remove dead-end journeys, and shorten the path between interest in a product and purchase.
Adimo’s interactive ad formats provide live pricing and product availability info, allowing consumers to add products directly to their basket at their chosen online retailer, or provide suggestions for nearby offline purchase locations.
The range of privacy-secure, cookieless data that Adimo collects from shoppable marketing campaigns can be analysed by brands in Adimo’s best-in-class analytics platform to further understand consumer behaviour, optimise future advertising, and prepare for the deprecation of third-party cookies.
Adimo already works with some of the world’s largest consumer brands, including Nestle, SC Johnson, Beyond Meat, and Crown Paints.
Gavin Stirrat, CEO at Adimo, said: “While many in the industry have been focused on retail media, commerce media has established itself as a growing, yet largely untapped opportunity.
“In today’s unstable economy, brands need to ensure ads don’t just build awareness, but also drive performance.
“FPC’s investment and extensive network will support us in meeting increasing demand for commerce media solutions, help brands create better ad experiences, and deliver improved return on investment. We’re dedicated to helping brands #makeitshoppable.”
Rich Ashton, Managing Partner, at FirstPartyCapital, said: “Commerce media is a nascent category and Adimo is primed to help consumer brands uncover substantial opportunities to convert otherwise missed purchase journeys via shoppable media.
“Adimo’s existing customer base is testament to the company’s innovative approach, and its SaaS licensing model is an attractive proposition. We look forward to supporting Gavin and the Adimo team on its ambitious growth plans.”
Kerry Sharp, Director of Entrepreneurship and Investment at Scottish Enterprise, said: “Adimo’s innovative technology platform raises the e-profile of brands and makes it easier for customers to buy products online.
“Scottish Enterprise is pleased to support Adimo in its new strategic partnership with FPC, which will accelerate the company’s exciting growth ambitions.
“We’ve enjoyed a productive relationship with Adimo and look forward to developing this further as the company’s technology is utilised by even more global brands and consumers.”
The firm’s aim is to complete 20 investments and have $15m in assets under management (AUM) by the end of 2023, before seeking to raise a $50m second fund next year.