Help mobile app developers monetize their apps using native ads.
Avocarrot is a leading ad-tech (advertising technology) company specializing in native ads for mobile applications that was acquired in 2016 by the German multinational Glispa Global Group aiming to create 70 new jobs in Greece. Native ads are advertising formats that are designed to blend into and mimic the look and feel of the rest of the content of the mobile app (labeled as “sponsored”). The company’s product, Avocarrot Exchange, is a marketplace for native mobile ads that offers great advantages for both publishers (mobile apps) and advertisers (brands, advertising agencies, etc.). On the supply side, publishers can easily integrate the technology and enjoy 17x higher click rates than banners, get more money and offer seamless user experience. On the demand side, advertisers benefit from higher conversion rates than traditional mobile banners. The company manages >4 billion mobile ad impressions per month and works with 2,500 mobile apps. It has received $2M investment by international and local funds and angel investors, has been awarded as 1 of the 8 best companies from Google for Entrepreneurs and voted as the ‘Next Big Thing’ at the advertising technology conference ad:tech in 2013.
Founders Conno and George met at the age of 18 in military service in Cyprus and then moved to the UK to study at Imperial College London. Conno pursued Electrical Engineering. Alongside his studies, Conno founded and managed two event-organizing companies – one in London and one in Cyprus – that attracted clients like the Hilton hotels and Hard Rock Café. George majored in Physics and then earned his MSc in Sustainable Energy. George also co-founded various initiatives, including a social movement in Cyprus promoting coding amongst youth. Well-versed in computing and equipped with an arsenal of technical skills, these two friends began app-building. When their fashion app won first place at the London Hackathon, they knew that they had to monetize it. After trying seven failed banner ad solutions which only frustrated users, they decided to built a custom monetization solution that displayed less intrusive native ads on apps. Conno and George shared their creation with other London developers who consequently also experienced considerable uplifts in engagement and click-throughs. They built it into a full-fledged platform for app developers to monetize their apps in 2013.