MONCTON, New Brunswick & NEW YORK, New York – March 13, 2018 – Itavio is proud to announce recent funding and a continuation of their partnership with the New Brunswick Innovation Foundation (NBIF). Itavio plans to use this investment to expand the sales and marketing department, as well as bolster its technology infrastructure.
CEO and co-founder, Melani Flanagan says, “We’ve worked hard to build a product that solves a huge problem in the marketplace and with the help of NBIF, we’re establishing ourselves in the innovation and media capital of the world. This will enable us to broaden our reach and create partnerships with other innovators in the space.”
Additionally, NBIF who has previously invested has been a supporter of the company throughout the ups and downs associated with startups and challenges. Flanagan adds, “It’s not easy to raise capital and certainly the news is full of reports about gender disparity or bad actors in the space. Our relationship with NBIF has been a completely stellar opposite, their team and leadership have maintained their support throughout and we are very lucky to have them with us on this journey.”
A $100B dollar marketplace, the gaming market has struggled to manage the expectations of young players and parents alike. With recent settlements reached by Amazon, Google and Apple for children overspending, Itavio is poised to bridge the gap with a cross-platform solution that serves both content creators and players. Itavio puts parents back in charge with the ability to manage money and time for their kids while enabling gaming companies to build better relationships with the whole family.
With this investment and partnership, Itavio will be working with Hearst in NYC from whom they’ve also received investment, with an office in downtown Manhattan. Calvin Milbury, NBIF’s President and CEO adds, “We like to back founders with a big vision and the entrepreneurial drive to realize that dream,” says Calvin Milbury, NBIF’s President and CEO. “Itavio has honed in on an exciting, growing market, one that the company’s founders intimately understand. The timing was perfect for us at NBIF to invest additional capital to fuel continued growth.”
NBIF is an independent non-profit corporation that specializes in venture capital and research investments. Dedicated to building innovation in New Brunswick, NBIF delivers resources and expertise required to achieve new opportunities, growth and advancements in New Brunswick. NBIF has invested over $85 million, plus $425 million more leveraged from other sources and has helped create over 106 companies and funded 470 applied research projects since its inception in 2003. All of the NBIF’s investment returns go back to the Foundation to be re-invested in other startups and research initiatives.
About Hearst Labs
This invitation-only community of early-stage women-led startups working inside Hearst Tower, home to one of the world’s most diversified media, information and technology companies. HearstLab invests in startups that are innovating in media, information or services where connectivity with any of our more than 360 businesses is a difference-maker for a founding team. HearstLab provides each selected startup with seed investment, office space, and access to an abundance of resources and subject matter expertise as well as leaders and mentors at Hearst and across the media landscape.
Itavio takes the guesswork out of gaming economics. We are former game makers and dedicated players, who believe that we can empower parents and game makers by connecting them and turning contention into cooperation. Based in Montreal and New York, we are a growing start-up specialising in game monetisation, player retention and re-engagement while spearheading safe gaming. To keep up with all things Itavio check us out at itavio.com
Caroline Corbett Thompson