If AI can't get the tech industry out of this current funding slump, then maybe nothing else can at the moment.
In yet another AI funding round, Turkish marketing platform Insider has successfully secured approximately $105 million in a recent funding round, valuing the company at nearly $2 billion.
Founded in Istanbul in 2012, Insider has rapidly expanded its operations to encompass 28 countries. Leveraging artificial intelligence, the platform predicts future consumer behaviour and provides personalized marketing solutions to over 1,200 clients. Prominent names among its clientele include Singapore Airlines, Toyota Motor Corp., and Vodafone Group Plc.
Insider plans to utilize the raised funds to support its growth and pursue strategic acquisitions in both European and US markets, thereby strengthening its technological capabilities. Co-founder and CEO Hande Cilingir has also indicated that the company is considering an initial public offering (IPO) in 2025 or early 2026.
Recently, Insider made headlines with its acquisition of MindBehind, a conversational commerce and messaging platform based in Istanbul. The financial details of the acquisition were not disclosed.
The investment was led by the Qatar Investment Authority and Istanbul-based buyout firm Esas Private Equity. This latest funding brings Insider's total raised capital to $274 million. In a Series D round held in March 2022, the company raised $121 million from seven investors, which valued the firm at $1.22 billion.