In today’s ExchangeWire news summary: OpenX Agrees to Pay US $ 2 Million (£ 1.5 Million) After Illegally Collecting Child Data Without Parental Consent; Reddit has started the posting process; and La Belle Vie has raised € 25million (£ 19.5million).
OpenX fined $ 2million (£ 1.5million) after illegally collecting data on children
Programmatic advertising platform OpenX has agreed to pay a fine of US $ 2million (£ 1.5million) after collecting personal information from children under the age of 13. , and online services that knowingly collect personal data to obtain prior parental consent for children under 13.
The FTC alleged that OpenX knowingly reviewed hundreds of apps aimed at children, categorizing the intended audience as “for toddlers”, “for kids” or “early learning”, but did not report the data as being intended for children. Subsequently, the personal information collected in their advertising exchange was passed on to third parties who used it for advertising targeting purposes. The government body also alleged that the ad platform violated FTC law by falsely claiming that it did not collect geolocation data from non-consensual users.
Samuel Levine, director of the FTC’s Office of Consumer Protection, commented, “OpenX has secretly collected location data and has opened the door to large-scale privacy breaches, including against children. He adds that “the gatekeepers of digital advertising may operate behind the scenes, but they are not above the law.”
Confidential Reddit File IPO Record
Reddit, the social aggregation platform best known for its forums, announced that it began the publication process after submitting a draft confidential registration statement on Form S-1 to the Securities and Exchange Commission (the SEC). The filing comes as IPOs in the United States hit an all-time high in 2021, according to Reuters.
In August, Reddit raised US $ 410million (£ 307million) in a Series F round, with plans at the time to raise up to US $ 700million (£ 525.1million) ), valuing the platform at US $ 10 billion (£ 504). It has since been reported that the San Francisco-based company was hoping for a valuation of over US $ 15 billion (£ 11.2 billion) at the time of its IPO, however, Steve Huffman, CEO and co-founder , said in an interview earlier this year with The New York Times, “All good companies should go public when they can.” Reddit makes most of its revenue from advertising, detailing US $ 100 million (£ 74.8 million) in advertising revenue in the second quarter. The service is visited by more than 50 million users per day.
Details regarding the number of shares or the price range were not disclosed in the listing proposal: “We are in a quiet period, and for regulatory reasons, we cannot say anything more.”
La Belle Vie has raised 25million euros (£ 19.5million) to expand its commerce service
Over the past few months, a wave of business startups have raised significant investments, and La Belle Vie has joined that list, raising € 25million (£ 19.5million) in a Series B round. was led by Left Lane and Quadrille Capital, with participation from existing investor Capagro, which in turn contributed € 11.6million (£ 9.7million) in 2020.
The online grocery industry has undergone a major change since the pandemic, due to the shift of consumers to a digital lifestyle, and many grocers have been forced to adapt to this change. In one report published by Catalyst and KantarSteve Kinsey, head of digital and e-commerce at healthcare platform GSK, estimated that “COVID-19 alone has sped up online grocery shopping by about three to five years.” The commerce sector is forced to get ahead or risk being left behind, indicating a possible cause for the growth of startups.
Paul Lê, co-founder and CEO of La Belle Vie, declared: “I am very proud of the career [co-founder] Alban [Wienkoop] and I took. From day one, we have been obsessed with profitability, with extremely strict control of our margins and our supply chain, but also by the social aspect, with the employment of more than 600 people on permanent contracts. La Belle Vie is a great human adventure and we are delighted to be supported in our growth by international and French investors as prestigious as they are experienced. The commerce platform currently operates in the Île-de-France region, but aims to use the new investment to expand into other large cities in France.
Clarification December 17 9:30 a.m. (GMT): The first news item has been updated to include additional information provided by OpenX.
Also in the news:
– Cadbury gives users control over their advertising experience with Ogury
– AudioMob Partners with Oracle Moat to Provide World’s First In-Game Audio Ad Verification
– TheViewPoint integrates with BidSwitch for easy access to the global programmatic demand ecosystem
– Seedtag Contextual AI can be used with Xandr Curate to provide brands with a globally scalable cookie-free solution