Founders of local startup OverstockAds announce a new venture w/ $2m in funding: Savveo
Posted on 13 Aug 2012 by Justin Ruckman
With a year’s worth of experience behind him at OverstockAds, CEO Shafi Mustafa today announced a new venture: Savveo, which aims to serve the $445 billion local advertising market by providing an online marketplace for buying and selling digital, print, radio, and TV ads, as well as sponsorships and non-traditional campaigns. Joining Mustafa as co-founder and President is Steve Villa, former CEO of Muzak.
“The opportunity here is enormous,” says Villa. “To date, no one has done the hard work to aggregate, categorize, and productize that [local] ad inventory — especially the online ad inventory which accounts for 91 percent of the spend. We believe the market will amply reward the first company that does so, and we intend for Savveo to be that company.”
Announced alongside the new venture is a $2m round of Series A funding, including blue chip investors such as Tim Biltz, chairman of Savveo’s board; Sayoko Teitelbaum; Simon Clark; David Jones; and BayCrest Capital.
Savveo is headquartered in Charlotte with developers in San Mateo, California.