E3.5m injection for Adnovate

Adnovate, a Dutch company offering unique service to advertisers, has closed its first round of financing of E3.5m from 3i.

Founded last year, Adnovate focuses on optimising the process that professional advertisers use to create and place repetitive-layout advertisements in the printed media. Its innovative single automated system increases efficiency while reducing costs and handling time. WPP, one of the world’s largest advertising agencies, already holds a minority stake in the company.

The company’s ambition is to grow into a major European player in the printed advertising market after creating a solid position in the Dutch print advertising market. It plans to enter the German and Scandinavia market before further expansion.

Guus Overdijkink of 3i Europe Benelux said that 3i's investment in Adnovate is largely based upon the experience and strength of the founders, the board, and the management team. “They all have differing but relevant professional experience and their skills are strongly complementary,” he said.