Andrew Toth/Getty Images; Alyssa Powell/Insider
The adtech pioneer MediaMath filed for bankruptcy in 2023.It was a stunning fall from grace for one of the best-known early adtech companies.Business Insider closely chronicled its rise, fall, and planned return.
In 2023, MediaMath, one of the best-known adtech pioneers, shocked the advertising world when it filed for Chapter 11 bankruptcy and immediately ceased operations.
Business Insider closely covered the story of MediaMath, which, under new ownership, is setting itself up for what could be a remarkable return. Get up to speed:
MediaMath seemed destined for a $1B fairy-tale exit. Instead, most early investors got nothing.
The inside story on how the former adtech unicorn fell from grace.
MediaMath’s sudden bankruptcy sent shock waves through the ad industry, with the company owing more than $100 million to creditors that included Magnite, PubMatic, Sonobi, and Microsoft.
Former adtech unicorn MediaMath nearly saved itself from bankruptcy. Then its last hope vanished.
Insiders recount the final days of MediaMath. The company had been inches away from avoiding bankruptcy but was dealt a blow when its biggest investor refused to fund it further and a would-be buyer unexpectedly pulled out of a rescue deal in the final throes.
The founder of fallen adtech startup MediaMath is trying to buy back the bankrupt company’s assets
MediaMath cofounder and former CEO Joe Zawadzki, who left the company in 2021, assembled a syndicate in an attempt to buy back the company from bankruptcy.
The “Project Phoenix” syndicate, operated by team members of Zawadzki’s VC fund AperiamVentures, had sought to raise at least $10 million in a SAFE financing.
Infillion emerges as buyer for bankrupt adtech company MediaMath
Adtech firm Infillion was the highest bidder in MediaMath’s bankruptcy auction, putting forward $22 million to acquire the company.
Infillion outlined its plans to hire back former staffers, win back former clients, and offer a “walled garden as a service” to help big retailers, ecommerce platforms, healthcare and other companies grow their own advertising businesses.
Infillion said in December it had managed to hire back dozens of former MediaMath staffers and that former clients were testing the platform ahead of a formal relaunch.
