The deal was led by Goldman Sachs, with participation from Santander Bank.
In a note to MediaMath employees, CFO Stacey Bain said this doesn’t mean the company chose more debt “instead of” an equity funding round: “In fact, this line of credit allows us to be flexible in terms of how and when we decide to raise another round of equity, ensuring we get the best deal for MediaMath.”
And while the IPO market seems to be improving for tech companies (including, perhaps, adtech), Bain also wrote that this isn’t setting MediaMath up to go public: “Right now, we like operating privately and we’ll explore an IPO when and if it makes sense for MediaMath.”
The company says it now has nearly 700 employees and works with all of the major ad holding companies.
“We’re thrilled to work with Goldman Sachs and Santander, who are equally ambitious to support the growing scale of our business today, and motivated to support the needs of a reimagined and increasingly sophisticated supply chain in the future,” said CEO Joe Zawadzki in the funding release.