Safeguard Scientifics-backed MediaMath raises $73.5 million in equity Increases debt facility to $105 million

Tom Paine

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New York-based MediaMath, in which Safeguard Scientifics of Wayne was an early investor, raised an additional $73.5 million in equity while increasing its debt facility to $105 million, it was announced on Tuesday. The equity funding for this round was led by Spring Lake Equity Partners, with participation from Akamai Technologies, Safeguard, Catalyst Investors, and Observatory Capital.

MediaMath operates a digital ad buying technology platform. The market for adtech companies has been somewhat shaky lately. so this round can either be viewed as its
investors seeing it as best of breed, or that the funds will provide a holding pattern
until the IPO market is friendlier (or both of the above).

Safeguard's first investment in MediaMath came in 2009, when it led a $10 million equity
round. Safeguard invested another $9 million in 2011 which at the time gave it an implied valuation of $180 million, according to adtech website Ad Exchanger's math at the time.

In late April of this year, Safeguard said it had invested $18.5 million to date in MediaMath and held a 23% primary ownership position. That was presumably before the latest transaction hit the books. I haven't seen a reliable estimate yet on the valuation for this round.