tvScientific, the leading performance advertising platform for connected TV (CTV), has raised $25.5 million in Series B funding to 10x the CTV ad market. NewRoad Capital Partners led the round, which also includes Roku, a first-time investment from Second Alpha Partners, and participation from existing investors Norwest Venture Partners, S4S Ventures, and Progress Ventures.

tvScientific’s vision is to vastly expand TV advertising’s total addressable market by building the category of Performance TV.”— Jason Fairchild, CEO and co-founder of tvScientific

CTV advertising is a $30 billion market today and is expected to grow to $42 billion by 2028 as dollars transition from the roughly $60 billion linear TV market. However, the TV market today is geared toward brand advertisers and brand ad metrics such as frequency and reach, essentially shutting off most of TV to the performance advertisers who have made search and social advertising a combined roughly $500 billion ad market.

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“tvScientific’s vision is to vastly expand TV advertising’s total addressable market by building the category of Performance TV: CTV advertising with the performance capabilities and metrics available to performance advertisers on digital-native channels such as search and social,” said Jason Fairchild, CEO and co-founder of tvScientific. “By building Performance TV, tvScientific aims to transform CTV into a multi-hundred-billion-dollar category, rivaling the combined search and social market that Google and Meta have built by driving performance for the results-oriented e-commerce and mobile advertisers who won’t buy CTV if it is limited to driving awareness and other brand building goals.”

“As brands are looking to connect more deeply with consumers to deliver business outcomes, Jason and the tvScientific team have built the leading performance CTV platform,” said John Sheehy, Operating Partner at NewRoad Capital Partners. “From audience to activation to measurement and optimization, tvScientific has all the parts and partnerships in place to make a dynamic impact on how brands can engage consumers.”

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The fresh funding will allow tvScientific to invest in scaling go-to-market teams and to continue building the company’s patented suite of technologies around identity, outcome measurement, and ML/AI-driven TV outcome optimization. tvScientific has been issued six patents to date.

“We often talk about the future of TV advertising being performant,” said Miles Fisher, Senior Director, Strategic Advertising Partnerships, Roku. “Our investment in tvScientific is a further commitment to that thesis. This is a partnership that makes sense given Roku’s scale in CTV and our belief that TV advertising should be accessible to advertisers of all shapes and sizes.”
tvScientific has helped hundreds of advertisers, including Foot Locker, Rare Beauty, EA, Scopely, Dream, Brightside, Earnin, Britbox, Gorjana, and Weight Watchers, build a performance strategy on CTV, delivering ROAS and CPAs that improve on the standards of ever-more-expensive and crowded social and search platforms.

With the fresh funding, tvScientific aims to 10x its customer base within the next two years, further establishing CTV as a performance rival to search and social and raising advertisers’ expectations of CTV by making performance table stakes. The era of accountable advertising and of Performance TV is well underway, and tvScientific’s latest fundraise will accelerate its evolution.