Capital D invests in Refinery89
We are delighted to announce our investment in Refinery89, the innovative and fast growing AdTech company that optimises advertising revenue for digital publishers across Europe and LATAM. Refinery89 offers its publishers simple-to-implement monetisation products instead of the generic alternatives they would otherwise have to turn to, delivering better service and unlocking incremental revenue.
Refinery89 is a disruptor in a large and growing market; its six core European and LATAM markets are valued at €3.3bn annually, and further expansion into in-app monetisation and a broadened geographic reach take its total market opportunity close to €20bn.
Refinery89’s clients value its strong technical capabilities alongside its responsive service and personal approach, which it’s why it’s been able to deliver net revenue CAGR of over 50% between 2021 and 2024.
Capital D’s investment will help Refinery89 achieve its ambitious growth plans by taking market share in existing geographies and expanding into new ones, further enhancing its technical capabilities and the client offering, and strengthening the team.
The investment is another example of our broader thesis in action: backing disruptive tech-enabled businesses in markets at the intersection of the trends shaping commerce and economies.
We’re looking forward to working closely with Refinery89’s founders Hugo Welkers and Rob Ottens alongside the rest of the team on their growth journey.
