Permutive Valuation, Funding & Investors

Permutive is valued at $91M as of July 2020.

Last Permutive valuation

$91M

Series B · Jul 2020

Last Permutive funding round

$75M

Series C · Nov 2021

Cumulative funding Permutive raised

$105M

across 6 funding rounds

Key investors in Permutive

  • Octopus Ventures
  • EQT Ventures
  • Y Combinator
  • SoftBank Group
  • Avonmore Developments
  • Raghav Gupta

Permutive Overview

About Permutive

Permutive is a London-headquartered audience platform revolutionizing programmatic advertising with privacy-preserving on-device technology. Patented cohort-building tools enable publishers and premium advertisers to plan, activate, and target audiences without third-party cookies or centralized data sharing. The platform processes user signals directly in browsers for compliant personalization across display, video, and connected TV inventory. Acquired by Google in 2022, Permutive powers ad strategies for publishers like The Guardian and Time Out, enhancing yield while adhering to GDPR and CCPA regulations across Europe and North America.


Founded

2013

HQ

United KingdomLondon

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$91M (Jul 2020)

Permutive Valuation

Permutive is currently valued at $91M, based on its Series B in July 2020.

The $19M round was led by Octopus Ventures, with participation from EQT Ventures.

Permutive valuation by funding round

Permutive valuation by funding round
DateStageValuation
Jul 2020Series B$91M

Permutive Funding History

Permutive has raised a total of $105M across 6 funding rounds.

Permutive's first fundraising round was a seed round in January 2013. The most recent completed round was a $75M Series C in November 2021.

Permutive funding rounds

Permutive funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2021Series CSoftBank Group (lead); Octopus Ventures; EQT Ventures$75M-The results focus on case studies from 2026 showing how Permutive's data management platform helped publisher clients like Ranker, Bauer Media Group, and Unify achieve revenue growth through first-party data activation and audience targeting.
Jul 2020Series BOctopus Ventures (lead); EQT Ventures$19M$91MPermutive is a London-based SaaS platform that enables publishers to enhance targetable advertising while protecting user privacy through edge computing and on-device data processing. Its customers include major media outlets such as BuzzFeed, The Financial Times, The Guardian, Business Insider, The Daily Telegraph, and The Economist. Founded in 2013 by CEO Joe Root and CTO Tim Spratt, both Entrepreneur First and Y Combinator alumni, the company had raised about $10 million prior to this round. On July 8, 2020, Permutive completed an $18.5 million Series B funding round led by Octopus Ventures, with participation from EQT Ventures and existing investors. The funds are earmarked for international expansion, particularly in North America, and continued investment in R&D to help publishers monetize their data more effectively. Sources confirm the round size as $18.5M USD (equivalent to £14.7M), positioning Permutive as the UK category leader competing against larger global players. A post-money valuation of $91.46 million is listed for this exact round. The funding supports Permutive's mission to rebuild privacy-focused data infrastructure amid evolving regulations and industry shifts toward first-party data.
Jan 2018Series AEQT Ventures (lead); Octopus Ventures$10M-Permutive raised funding in a Series A round on January 12, 2018, led by EQT Ventures from its EQT Ventures I fund, with participation from Octopus Ventures. The company develops a publisher data platform built on edge computing. EQT Ventures entered Permutive in 2018.
May 2015SeedOctopus Ventures; Raghav Gupta; Y Combinator$1M--
Aug 2014SeedY Combinator$100K--
Jan 2013SeedAvonmore Developments--Avonmore Developments made a small investment in Permutive's first funding round, which the firm dates to 2013. Avonmore has described the position on its own portfolio and news pages as its initial investment in the company, made before Permutive raised institutional venture capital. Permutive went on to raise a Series A, a £15 million Series B led by Octopus Ventures in July 2020 and a $75 million Series C led by SoftBank in November 2021, and had raised about $105 million in total by 2026. Permutive is a British advertising technology company whose audience platform allows publishers and advertisers to target and measure campaigns without sharing personal identifiers, processing audience data on the reader's own device and within the publisher's own environment. It was founded by Joe Root and Tim Spratt out of the Entrepreneur First programme in London and sells subscriptions to media owners and brands.

Who has invested in Permutive?

6 investors have backed Permutive across its funding rounds, including Octopus Ventures, EQT Ventures, Y Combinator, SoftBank Group, Avonmore Developments and Raghav Gupta.

Lead investors include SoftBank Group, Octopus Ventures and EQT Ventures.


Permutive Investors

Investors in Permutive by funding rounds participated
InvestorHQRoundsRoleFirst check
Octopus VenturesUnited KingdomLondon4LeadMay 2015
EQT VenturesSwedenStockholm3LeadJan 2018
Y CombinatorUnited StatesSan Francisco, CA2ParticipantAug 2014
Raghav GuptaUnited StatesBoston, MA1ParticipantMay 2015

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Permutive Competitors

Permutive competitors include listed companies like Laboro AI and Pluszero, and private ones like Peec AI, Univers, Mother Nature Ai and MythWorx.

Public and private companies comparable to Permutive
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Peec AIGermanyGermanyPrivate$4M-$100M25.0x
Laboro AIJapanJapanPublicly listed$12M$2M$94M6.4x
UniversSpainMarbellaPrivate--$87M-
Mother Nature AiUnited StatesNew York City, NYPrivate--$95M-
PluszeroJapanJapanPublicly listed$10M$4M$96M7.4x
MythWorxUnited StatesDallas, TXPrivate--$100M-

Permutive Public Comps

Permutive is still privately-owned, but its public comps include Cheetah Mobile, Laboro AI, Blaize Holdings, Heroz, tripla, Pluszero, Adways, Eva Live, Rank One Computing and Thryv.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Cheetah Mobile$172M($16M)----
Laboro AI$12M$2M6.4x6.4x49.0x-
Blaize Holdings$39M($205M)1.3x1.3x(0.2x)(0.9x)
Heroz$41M$8M2.1x2.1x11.7x13.7x
tripla$17M$4M----
Pluszero$10M$4M8.8x7.4x23.5x-
Adways$79M$5M0.4x0.4x7.0x-
Eva Live$17M$8M4.9x-10.2x-

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Common questions about Permutive

When was Permutive founded?Permutive was founded in 2013.
Where is Permutive headquartered?Permutive is headquartered in London, United Kingdom.
Is Permutive publicly listed?No, Permutive is a private, VC-backed company.
What is Permutive's valuation?Permutive was last valued at $91M in its Series B in July 2020.
How much funding has Permutive raised?Permutive has raised $105M across 6 funding rounds.
What was Permutive's last funding round?Permutive's last funding round was a $75M Series C in November 2021, led by SoftBank Group.
Who are Permutive's investors?Permutive's investors include Octopus Ventures, EQT Ventures, Y Combinator, Raghav Gupta, SoftBank Group and Avonmore Developments.
Which companies are comparable to Permutive?Companies comparable to Permutive include Peec AI, Laboro AI, Univers, Mother Nature Ai, Pluszero and MythWorx.

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