Refinery89 is an AdTech company specialised in optimising advertising revenue for Tier 2 and Tier 3 web and mobile publishers, focusing on non-English language markets in Europe and LATAM, including the Netherlands, Belgium, Spain and Brazil. The company distinguishes itself by providing simple-to-implement monetisation solutions for its publishers who lack sophisticated in-house programmatic advertising capabilities and would otherwise rely on generic tools with lower monetisation opportunities and narrower demand options.

Why we invested: We invested in Refinery89 because it is a fast-growing disruptor, introducing innovative and highly performant monetisation technologies for Tier 2 and Tier 3 digital publishers across non-English language EU and LATAM markets, which are often deemed overly complex by global AdTech partners. With proven success in onboarding new international publishers and a highly motivated and dynamic executive team we look forward to developing Refinery89 into the leading web and mobile publisher network in its markets.

Our value-add: We will support Refinery89 in its continued expansion by growing share in current markets as well as entering additional large non-English language markets such as France, Germany, Poland and Mexico.  Furthermore, we will accelerate the growth of the “direct” ad sales business, drive commercialisation of the nascent in-app solution, and strengthen the executive leadership, board and advisors. We also expect Refinery89 to become a platform to acquire local digital publisher networks in target markets.

What was the outcome:  The investment completed in April 2025.

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