Company: BrightBid
Founder: Gustav Westman
Website: https://brightbid.com/
About BrightBid
BrightBid is a rapidly growing AdTech company utilising AI and human expertise to create more refined Google Ads recommendations to help businesses drive customer acquisition. We help our 400+ global clients increase their website traffic, improve conversion revenue and their return on ad spend (ROAS).
Founded in 2020, the company has undergone rapid growth, which has seen us expand our business from Sweden to Denmark, Norway and over to the UK. As a testament to the success of our solution, in July 2023, we merged with Nasdaq-listed Speqta in a £20m value share deal which enabled us to expand into AI and automation for Google Shopping Ads. Being able to achieve this in three years is significant since the median age of a technology company going public is eight years (based on data from 1980 to 2021). The sharp growth trajectory in the past year has seen our contracted annual recurring revenue increase by 97% annually at the end of the second quarter of 2023.
BrightBid enables businesses to optimise their marketing budgets by allowing better-planned advertising on Google Ads. As more and more companies move operations online and seek to grow their digital presence across a number of platforms, including Google ads, this creates a highly competitive environment, with marketers forced to bid against each other and pay over the market value for impressions, clicks and conversions. To overcome this market-wide challenge, we created our AI engine, which is designed to help marketers optimise campaigns and deliver cost-effective results on Google’s (and Microsoft’s Bing’s) platforms, making advertising more profitable as well as effective. With our team of AI technologists, data scientists and Pay Per Click (PPC) subject matter experts, we continue to develop our solution to help clients meet the fast-evolving requirements of this vital marketing channel.
Using BrightBid doesn’t require significant upfront investment, and our solution starts generating value from the moment it is implemented, giving marketers a tangible way to improve performance. For example, we helped OnSecurity, a leading UK SaaS provider of IT Security services such as Pen Testing, Vulnerability Scanning and Threat Intelligence, reduce its Cost Per Lead (CPL) by 80% within one month of starting activity whilst scaling lead volume. And we helped our Scandinavian customer BodyLabs increase its Google ROAS by 39% for its ecommerce site selling nutritional supplements using AI and automation for Google Shopping Ads.
Examples like this demonstrate the value we deliver to our clients across industries, helping them remain competitive and leverage the power of AI to deliver better-planned and more impactful campaigns on the world’s leading search engine.
References: Annual recurring revenue increase: https://speqta.com/en/financial-reports/interim-report-q2-2023-acquisition-of-fast-growing-ai-based-brightbid-3308. Media age for tech companies going public: https://news.crunchbase.com/public/ipo-spac-going-public-timing/
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