MNTN Upcoming IPO: Ryan Reynold's AdTech firm considers going public in 2025
The Mad Men days of advertising may be a relic, but a new, tech-driven model has emerged, led by companies like MNTN.
Rather than the traditional approach involving expensive production by big brands that then are left to essentially guess whether or not their ads worked, MNTN is a connected TV AdTech company that helps both small and large businesses create and run ads on streaming networks with great precision.
The company has thrived in the face of a broader advertising decline.3 While it has not released revenue data, MNTN reached a valuation of over $2.2 billion with its Series D in 2022.4 Now, the company is considering an IPO as soon as early 2025, and it has tapped Morgan Stanley to lead these efforts, according to Bloomberg.5
MNTN: Company background
On the creative side, MNTN is led by actor and entrepreneur Ryan Reynolds, as his advertising agency, Maximum Effort, was acquired by MNTN in 2021.6 That year, MNTN also rebranded from its former name, SteelHouse.7
While the celebrity weight helps, the core of MNTN's business is its technology, helping companies efficiently place and measure ads on 150+ streaming networks,8 which includes many legacy broadcast and cable networks that now deliver content over the internet to smart TVs and other devices.
MNTN is led by president and CEO Mark Douglas, who has a deep background in tech, such as serving as VP of Technology at eHarmony. Indeed, Douglas compares what MNTN does to the dating site. "All we want to do is match your passion with someone who’s going to potentially love what you’ve created," he told Inc.9
Embracing the new age of advertising
The internet has transformed entertainment and the ad industry. Many legacy media companies can no longer rely on ad revenue in the same way, as consumers' content consumption preferences shift.10 And ads themselves are typically much cheaper to run on websites and search engines than TV networks11 — especially the linear TV model where viewers tune into whatever's on at that time, rather than controlling their experience.
However, MNTN has found its lane in connected TV, meaning any device like smart TVs or streaming devices that enable viewers to watch networks on TVs but delivered via the internet.
The company's platform is designed to appeal to businesses used to running search engine or social media ads, as the campaign setups are similar, despite the ad locations being different.12 And while TV advertising is still more expensive than search or social usually, MNTN enables businesses to run TV ads for monthly fees starting at only $5,000, with 90% of clients having never run a TV ad before, according to Inc.13
Clients can also affordably access help on the creative side if they don't already have their own TV ads that they want to run. In addition to acquiring Maximum Effort to help on the creative side, MNTN acquired video production platform QuickFrame in 2022.14
Altogether, MNTN has emerged as one of the top advertising companies that democratizes access to TV advertising, and its vertical integration enables businesses to turn to MNTN for the whole advertising process.
MNTN stock price history
MNTN's last known price per share is $22.97, based on its Series D in 2022. This marks a significant rise from its Series C in 2015, when the company's funding round price was $2.94 per share. And the company's first known price was $0.29 per share, based on its Series A in 2010.15
MNTN funding history and private market valuation
MNTN has raised nearly $180 million across six primary equity funding rounds.16
Its Series A came in 2010, when it raised $1.59 million at a $4.32 million post-money valuation, with investment from Baroda Ventures. Its Series B in 2012 brought the valuation up to $8.47 million, with investors such as Greycroft Partners, Rincon Venture Partners, and Lighthouse Venture Group joining in.17
Investors such as Qualcomm Ventures also participated in MNTN's Series B-1 in 2012, which brought the valuation to $28.84 million, and a Series B-2 in 2014 again raised the valuation to $35.11 million.18
Then, in 2015, MNTN took a big step up with its Series C, raising $38.83 million at a $232.28 million valuation from investors such as Mercato Partners and Staley Capital Management.19
Most recently, in 2022, MNTN raised $119 million at a $2.21 billion valuation, with investment from BlackRock and Fidelity.20
Looking ahead
Although MNTN has not publicly shared any IPO plans it may have, it does appear to be on track to go public, according to Bloomberg's reporting.21 Still, uncertainty remains, such as with details around timing subject to change, notes Bloomberg.
Check back here or take a look at Forge’s upcoming IPO calendar to stay in the loop about a possible MNTN IPO and other pending public offerings.
If you’re interested in investing in private companies like MNTN before they go public, read more about pre-IPO investing or register on Forge Markets today to get started.
FAQs about the MNTN upcoming IPO
What is MNTN?
MNTN is an AdTech company that helps small and large businesses create and run ads on streaming networks.
Is MNTN going public?
MNTN is reportedly considering an IPO in 2025, according to Bloomberg, and it has engaged Morgan Stanley to start the process. However, the details are subject to change.22
Who are MNTN's key investors?
MNTN's key investors include BlackRock, Fidelity, Mercato Partners, Baroda Ventures, Greycroft Partners, Qualcomm Ventures, and Rincon Venture Partners, among many others.23
Can anyone invest in MNTN?
Currently, MNTN remains a private company. As such, investment is typically limited to accredited investors who are either invited to participate in primary funding rounds or those who can access pre-IPO shares of MNTN on a secondary marketplace such as Forge, subject to availability.
