Adform raises more money from GRO Capital

Denmark Investments 05 April 2019
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Adform A/S, a tech company providing ad tech software and services, announced securing capital investment in the company and adding a new investor.

The investor is the Danish private equity company GRO Capital, which will inject an undisclosed amount of equity money. GRO Capital will partner with existing shareholder VIA Equity and Adform’s management team.

Lars Dybkjær and Lars Lunde from GRO Capital, and Torben Munch, former CEO of Itiviti Group AB and COO of SimCorp A/S, will join Adform’s board of directors, with Munch in the role of chairman.

Adform, founded in Copenhagen in 2002 and led by CEO Gustav Mellentin, provides software systems that buyers and sellers of digital display advertising use to automate and optimise their advertising processes and effectiveness. The organisation has 850 employees across 27 offices globally.

In December 2018, Adform tried to go public, but one day before the IPO date, it decided to withdraw its application from the Nasdaq Copenhagen. In 2014, it raised $5.5M in series B investment, and in 2015 completed a $21.5M debt financing from corporate bonds by Danica Pension.