Series A Round, Led by Progress Ventures with Participation from BDMI, Revel Partners and Dublin Capital will Help Scale Tenovos’ Operations, Enabling Continued Growth
New York – July 15, 2020 – Tenovos, the company helping brands tell stories that matter, today announced that it has secured a series A investment led by Progress Ventures with participation from Bertelsmann Digital Media Investments (BDMI), Revel Partners and Dublin Capital to help the company build on increasing market momentum for its award-winning story management technology. The $4 million round will be used to scale Tenovos’ customer success strategy and invest heavily into product development for its flagship solution Active Story Management (ASM)™.
Since its launch in 2019, Tenovos’ mission is to build technology that changes the way brands connect with customers through stories and data. The company’s products put creatives in the driver’s seat to do their best storytelling, augmenting content with intelligence in order to bridge the gap between digital assets and the customer journey. Already, brands like Amazon, The Kraft Heinz Company, Brown-Forman and more have partnered with Tenovos, leveraging the technology to captivate audiences with stories that inform, inspire, connect and entertain.
“As marketers, we are consistently striving to create the perfect brand experience for consumers, and pinpointing the right moment and the right screen with the right message can make all the difference,” said Neil Punwani, SVP, Director Communications & Planning Excellence at Brown-Forman. “We have rolled the Tenovos solution out to our global teams and external partners and we value the innovative way the technology approaches many of our unique content challenges, while working side-by-side with the Tenovos team to ensure we’re getting the most out of the platform.”
“When we first started due diligence on Tenovos, we could clearly see that its technology had the ability to go well beyond traditional content management technologies like Digital Asset Management (DAM) platforms,” said Chris Legg, general partner at Progress Ventures. “Progress Ventures has deep roots as an investor in the marketing and media technology space and as we looked deeper into the opportunities with the platform we got even more excited about what can be accomplished and our ability to be helpful.”
“As part of Bertelsmann, a media, services and education company operating in about 50 countries around the world, BDMI recognizes how important it is for consumer-centric brands to tell stories that engage their target audiences,” said Keith Titan, partner at BDMI. “This is the exact reason we’re excited about our investment in Tenovos. They’re thinking differently about content and introducing technology that we feel is going to set the standard for how global brands tailor their experiences.”
“Stories are the cornerstone of today’s relationship between people and brands and Tenovos is fueling those connections by augmenting brand content with deep intelligence,” said D. Scott Bowen, CEO of Tenovos. “We’re incredibly excited to partner with the teams at Progress Ventures, BDMI, Revel Partners and Dublin Capital. Together we see a tremendous opportunity to accelerate how brands create, produce and tell their stories.”
Tenovos helps brands tell stories that matter. The company’s Active Story Management (ASM) platform transforms the way brands connect with customers using stories that inform, inspire, connect and entertain. Consumer brands in CPG, retail, media & entertainment and food and beverage, use Tenovos’ technology to augment their content with intelligence that elevates content assets to stories using data and experience.
Tenovos is privately held and headquartered in New York City. For more information, please visit www.tenovos.com.
About Progress Ventures
Progress Ventures is a sector-focused fund specializing in B2B technology platforms. Over the past two decades, the Progress organization has grown to include a digital media consulting practice and annual conference, along with the core M&A Advisory and Venture Capital groups. We capitalize on the intrinsic value of our ecosystem along with a proactive approach to sourcing opportunities on the cutting edge of advertising, marketing, and media technology. For more information, please visit www.progressventures.com.
For 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s & Cola, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Gentleman Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester, Canadian Mist, Herradura, New Mix, Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach, Slane, and Fords Gin. Brown-Forman’s brands are supported by over 4,800 employees and sold in more than 170 countries worldwide. For more information about the company, please visit https://www.brown-forman.com/.
About Bertelsmann Digital Media Investments (BDMI)
Bertelsmann Digital Media Investments (BDMI) is a wholly owned subsidiary of the global media, services and education company Bertelsmann. As a financially driven corporate venture investor BDMI draws upon Bertelsmann’s global reach to provide not only capital, but also access to their network of businesses within Bertelsmann and across the media industry. BDMI has invested in over 50 startups since 2007 and is currently focused on the categories of online video, ad tech, SaaS, content and e-commerce. For more information visit: www.bdmifund.com
Bertelsmann is a media, services and education company that operates in about 50 countries around the world. It includes the broadcaster RTL Group, the trade book publisher Penguin Random House, the magazine publisher Gruner + Jahr, the music company BMG, the service provider Arvato, the Bertelsmann Printing Group, the Bertelsmann Education Group and Bertelsmann Investments, an international network of funds. The company has 126,000 employees and generated revenues of €18.0 billion in the 2019 financial year. Bertelsmann stands for creativity and entrepreneurship. This combination promotes first-class media content and innovative service solutions that inspire customers around the world. Bertelsmann aspires to achieve climate neutrality by 2030.