MEDIA RELEASE

For Immediate Release

 

Canadian Start-up Covault Disrupts Co-op Advertising Industry Closes Second Round of Financing 

Frank Palmer, top industry veteran and Canada’s Mad Man of Advertising signs on as an investor and strategic advisor

[Victoria, BC, Canada]  September 20, 2019:  Covault Technologies Inc., (“Covault”), a Canadian start-up based in Victoria, BC, announced today that it just closed its second round of financing to expand its platform – one that is disrupting a $70 billion co-op advertising industry.

“Covault is turning heads in North America and other global markets; it’s got the eye of many techs and ad gurus because this is a game-changer for local co-op marketing programs,” said Frank Palmer, former CEO of celebrated ad agency, DDB Canada, and Canada’s Mad Man of Advertising who also just signed on as an investor and strategic advisor. “I’ve joined the company because I didn’t want to just watch this industry shake-up, I wanted to be a part of it.”

This industry’s co-op marketing process has been used for over 100 years and sees global brands fund a shared marketing budget for their local retailers. This incentivizes retailers to advertise the brand’s products to their local customers. A long-standing problem, however, is that currently, nearly half of the $70 billion that Fortune 500 companies offer to their retail resellers for local marketing, go unclaimed. Covault’s new technology is addressing this staggering and previously unaddressed inefficiency gap in co-op marketing.

Covault will use the funds raised in this round to further expand its team, build additional platform features for its advertising software, and develop its sales programs. From a strategic perspective, Covault will also leverage Palmer’s expertise and relationships with top global brands. Further, the company has retained the services of Elevator Strategy to market and promote the Covault brand.

“Until now, the co-op advertising process has not been able to keep up with technology, to speak to today’s savvy digitally-connected consumer,” said Asghar Khan, CEO of Equifaira Advisors, previously head of strategy, PepsiCo Asia Pacific. “Covault is completely modernizing this process, enabling global brands and local retailers to finally work in sync and in real-time. It’s solving a massive problem that has long been a thorn in our sides.”

“From day one, our mission has been focused on building a streamlined platform to leverage the latest ad buying technology to help brands better reach today’s digitally connected consumer,” said Amber Simpson, CEO, Covault. “Now, with Frank on our team – with his future-forward wisdom, deep industry intel, and experience with ‘co-op funds’ for advertising – we can better permeate the brand/retailer landscape globally, in order to realize our mission.”

About Covault

Covault connects brands and resellers to simplify their co-op marketing programs. Covault’s streamlined platform empowers retailers to access marketing funds, to reach shared customers through digital and traditional media channels. Brands and their resellers gain market analytics, increased speed to market, and drive regional sales, all with industry-leading technology. For more information, please visit https://covaultapp.com/.

About Frank Palmer

Known as the “winningest” man in Canadian advertising, Frank Palmer is one of the advertising community’s most respected leaders. From his humble beginnings in Vancouver nearly 50 years ago, Frank created Canada’s most creatively-acclaimed marketing communications agency, DDB Canada into a powerhouse brand, and changed the face of Canadian advertising. Learn more about Frank’s decorated career: here.

 

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Media requiring more information and/or interviews, please contact:

Rima Maamari

Precision Marketing Group Inc.

416.566.0797 | rima@precisionmarketinggroup.ca