CreativeX will expand its data creation and analytics capabilities with a $25 million Series B funding round announced on Tuesday.
With this funding round, the creative data and measurement platform has raised a total of $35 million over three investment rounds. The latest round was led by Guggenheim Capital, with contributions from Beringea (which led CreativeX’s Series A round) as well as Conviction (another Series A entrant) and Brandtech Group.
CreativeX will use the funds to expand its offering beyond its current focus of providing feedback on social media creatives. The company will also launch new measurement capabilities, including solutions to assess a campaign’s reach and sustainability. And by upgrading its API, marketers can more easily integrate creative data into their existing data lakes, said Anastasia Leng, founder and CEO of CreativeX.
To carry out its expansion plans, CreativeX will expand its roster of engineering talent and also invest in a data and research division, Leng said. The company currently employs approximately 80 people and plans to more than triple its workforce over the next two years.
However, given growing concerns about a looming recession, Leng said she wanted to avoid expanding too quickly.
New measurement tools
CreativeX’s measurement suite automatically rates in-flight and in-flight campaigns against CreativeX’s Creative Quality Score, industry best practices (like YouTube’s ABCDs and Facebook’s Brilliant Basics), and own creative criteria from the marketer, Leng said.
With its current focus on social media platforms and visual campaigns, CreativeX solutions are able to analyze 33% of global ad spend, Leng said. By the end of the year, the company hopes to cover 77% of global ad spend, which would include most global marketing channels (excluding non-TikTok platforms originating in China), it said. she declared.
CreativeX will soon add TikTok functionality, followed by measurement solutions for display, retail media ads on e-commerce sites like Amazon, and programmatic TV. By adding more marketing channels, CreativeX wants to create a centralized system of record for marketers to measure their campaign creative, Leng said.
Once it has built creative measurement tools in all of these formats, CreativeX wants to facilitate an ecosystem where marketers’ various measurement partners share data to enable easier creative decision-making, Leng said.
CreativeX’s centralized system for campaigns currently includes measuring brand consistency, campaign compliance with local regulations, and representation across a wide range of demographics, Leng said.
The company’s roadmap includes adding solutions to measure the impact of sustainability campaigns (i.e. campaigns that promote a brand’s sustainability and green energy initiatives) and ad creative accessibility (including features such as closed captions for hearing-impaired audiences and appropriate contrast ratios for people who are color blind). These tools will be launched “within the next two months,” Leng said.
Building all of these features moves the realm of creative measurement beyond subjective “like or dislike” measurements, Leng said.
The value of campaign creation
Improving the creative quality of a campaign improves the effectiveness of a marketer’s ad spend, Leng said. “For every 10% increase in creative quality, there’s a 2% decrease in CPM, a 5% increase in ad recall, and a 5% increase in view rates,” he said. she declared.
For example, Nestlé improved its return on ad spend by 60% after working with CreativeX to increase its Creative Quality Score, and Heineken increased its brand value on Meta platforms (Facebook and Instagram) by 50% after having worked with CreativeX.