LONDON, April 08, 2020 (GLOBE NEWSWIRE) — Harbert European Growth Capital Fund II, SCSp (“HEGC”) has funded Codec.ai (“Codec”) with venture debt capital. Codec is a rapidly growing contextual data platform, providing unique insights on consumer trends for large brands to optimize their digital marketing techniques. They are already working with some of the world’s leading companies such as Unilever, L’Oreal, Danone and Reckitt Benckiser. The platform allows global brands to put audiences at the heart of their decision making, by identifying their target market, understanding the consumer behavior and formulating budget decisions regarding their content, new product development and media spend. The debt will be used to help Codec continue its organic expansion, expanding the capability of the platform to better serve global consumer brands.
Following on from GDPR regulation in Europe and the restriction by Google on the availability of cookies data to third parties, there has been a seismic shift in the way companies are able to gather data on consumers. Such data is vital to the overall consumer brands industry and novel, scalable platforms such as the one developed by Codec will increasingly be in the spotlight.
Martin Adams, Codec CEO notes, “We’re truly delighted to partner with HEGC. With their support we’ll be able to provide deeper value for our clients in more than 30 countries around the world. These clients have already seen the value of Codec’s unique intellectual property. But, as the world embraces remote working, we will use this capital to scale the Codec Terminal even further- responding to higher-than-ever client demand and putting audiences at the centre of decision-making in more companies around the world.”
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