Audigent's cookie-free journey to adtech success
Startup profile: Audigent
Founded by: Shelton Mercer, Jon Gosier, Brian Brater, Elizabeth Hitchcock and Drew Stein
Year founded: 2016 in Philadelphia
Headquarters: New York, NY
Sector: Advertising services
Funding and valuation: Acquired by Experian in December 2024
Key ecosystem partners: Time Warner, Ben Franklin Technology Partners
In 2016, Shelton Mercer and his co-founders crammed into a tiny office in a Philly brownstone — 10 developers, hackers and software engineers sharing 500 square feet — to create an advertising technology under the name Audigent.
A dozen years later, the startup, which specializes in online advertising without cookie tracking, would be acquired by global data analytics company Experian, with a reported valuation of between $200 million and $250 million, after raising millions in funding along the way.
'I have the privilege of having Audigent be my fourth exit from a company,' Mercer said at the 2025 Technical.ly Builders Conference during the panel 'Case Studies on Entrepreneurship Access.'
Even with Mercer's experience, Audigent's rise took time, hard work and a lot of due diligence.
No cookies, no problem
Audigent's framework for advertisers and publishers allows customers to target their key demographics, as all adtech tools do. The difference with Audigent, now headquartered in NYC, is that it prioritizes the privacy of its potential customers by never using cookies (those small files that websites use to track users' online behavior). Instead, it uses data from partners, like music streamers, media companies and sports sites.
In 2019, Warner Music Group (WMG) invested in Audigent during its Series A funding round, alongside Raised In Space and Gao Xiaosong. It was a strategic investment totaling $4 million, aimed at improving digital advertising within the music industry.
'We need to see, as a value for society, entrepreneurship as a way to get people to the next level and the next strata of wealth generation for their families.'
Shelton Mercer, Audigent
To get there, Audigent underwent the long due diligence process with investor and economic development organization Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP), something Mercer discussed at the Builders Conference with co-panelist Scott Nissenbaum, BFTP's president and CEO.
'Our process at Ben Franklin is designed like boot camp,' Nissenbaum said. 'No one says, 'That sergeant at boot camp was so nice.' That's not our job.'
Mercer admitted he was initially hesitant about going through BFTP's 6-month process of intense scrutiny. But those six months of 'kicking, clawing, scratching, screaming,' as Mercer put it, led to that successful 60-minute meeting with WMG, on top of a $1 million investment from BFTP itself.
Wealth-building through entrepreneurship
Both Mercer and Nissenbaum share a vision for Philadelphia, and regions like it, where people from all kinds of backgrounds and walks of life can turn entrepreneurship into generational wealth.
'It doesn't just have to be the Silicon Valley, the New York, the Chicago, the LA founders or even founders who are fortunate to have partners like Scott and Ben Franklin to accelerate our company and the many other investors that helped us,' Mercer said. 'We need to see, as a value for society, entrepreneurship as a way to get people to the next level and the next strata of wealth generation for their families.'
BFTP, Nissenbaum said, continues to value entrepreneurship as a driver for social change and advancement for groups underrepresented in tech.
'I think 46% of our portfolio has racial diversity in the C-suite, 56% has gender diversity,' he said.
Key strategies for engaging with economic development investors
Here are a few key things up-and-coming startups can learn from Audigent's journey:
Be prepared for the grind: Ben Franklin's process is thorough. It's not a quick check-in; it's a deep dive. See that as a good thing — it forces you to solidify your plan and address potential weaknesses while building a bridge to other investors.
Surround yourself with talent: Mercer credits Audigent's success to its strong team, with each bringing unique skill sets to the table. As Nissenbaum pointed out, most entrepreneurs are good at one thing. You need to fill in the gaps with people who excel in other areas.
Embrace the ecosystem: Don't try to do it alone. Organizations like Ben Franklin and other ecosystem orgs exist to support startups. They provide resources, connections, and, sometimes, tough love.
Don't be afraid of due diligence: While long, it helps you prepare for major deals.
Have patience: If an exit is your goal, don't expect it to happen right away.
Audigent's story shows what can happen when vision, the right support system and a lot of patience come together.
As Nissenbaum said, 'Nine years later, we're celebrating an overnight success.'
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