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- Permutive
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Jul 2020 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2021 | Series C | SoftBank 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 2020 | Series B | Octopus Ventures (lead); EQT Ventures | $19M | $91M | Permutive 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 2018 | Series A | EQT 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 2015 | Seed | Octopus Ventures; Raghav Gupta; Y Combinator | $1M | - | - |
| Aug 2014 | Seed | Y Combinator | $100K | - | - |
| Jan 2013 | Seed | Avonmore 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | May 2015 | ||
| 3 | Lead | Jan 2018 | ||
| 2 | Participant | Aug 2014 | ||
| 1 | Participant | May 2015 | ||
This data is available for Pro users. Sign up to see all 6 Permutive investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialPermutive Competitors
Permutive competitors include listed companies like Laboro AI and Pluszero, and private ones like Peec AI, Univers, Mother Nature Ai and MythWorx.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $4M | - | $100M | 25.0x | ||
| Publicly listed | $12M | $2M | $94M | 6.4x | ||
| Private | - | - | $87M | - | ||
| Private | - | - | $95M | - | ||
| Publicly listed | $10M | $4M | $96M | 7.4x | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $172M | ($16M) | - | - | - | - | |||
| $12M | $2M | 6.4x | 6.4x | 49.0x | - | |||
| $39M | ($205M) | 1.3x | 1.3x | (0.2x) | (0.9x) | |||
| $41M | $8M | 2.1x | 2.1x | 11.7x | 13.7x | |||
| $17M | $4M | - | - | - | - | |||
| $10M | $4M | 8.8x | 7.4x | 23.5x | - | |||
| $79M | $5M | 0.4x | 0.4x | 7.0x | - | |||
| $17M | $8M | 4.9x | - | 10.2x | - | |||
This data is available for Pro users. Sign up to see all Permutive competitors and their valuation data. Start Free Trial | ||||||||
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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