Anzu

Market position

Anzu operates in the intrinsic in-game advertising segment alongside Admix, Bidstack and Frameplay. Industry coverage of its 2023 Series B described it as a leading contender in a nascent category with no established winner, noting it had raised more capital than several peers, and one investor characterized it as the market leader in the space. Third-party projections cited alongside the round put the in-game advertising market at $8.2 billion in 2023, growing to $20.7 billion by 2032.

Anzu emphasizes non-interruptive, blended ad formats delivered inside 3D game environments rather than interstitial or rewarded video units, and states it has secured patents covering its intellectual property. Investors have cited its ability to bring sophisticated advertising into complex 3D environments and its partner ecosystem across game publishers, demand platforms and measurement vendors. Management has said it deliberately structured its investor base so that no investor holds a board seat or outsized influence, preserving independence.

Technology

Anzu's technology inserts ad creative directly into 3D game environments through integrations used by developers, supporting both clickable and non-clickable formats across mobile, PC, console and metaverse platforms. It supports programmatic buying of in-game inventory and includes targeting, measurement and attribution capabilities, with a privacy-safe global audience targeting product announced in 2025. The company states it has secured patents for its intellectual property, and roughly half of its approximately 100 staff as of mid-2023 were engineers.

Go-to-market

The company sells directly to brand advertisers and via programmatic demand channels, and recruits game developers and publishers as supply partners. It maintains dedicated contact channels for advertisers, publishers and programmatic buyers, and supports demand through partnerships with platforms including The Trade Desk, Adlook and measurement provider Integral Ad Science. Marketing includes published research and industry reports on gaming audiences and in-game ad effectiveness.

Brand advertisers, media agencies and programmatic buyers seeking to reach gaming audiences, and game developers and publishers — from independent studios to AAA publishers — looking to monetize titles across mobile, PC and console.

Geography

Anzu is headquartered in Tel Aviv, Israel, where it keeps its R&D team. Company materials list offices in Tel Aviv-Yafo, London, Los Angeles, Chicago, New York, Amsterdam, Tokyo, Hamburg and Minsk. After its Series B the company said it planned to grow its footprint in the United States and Japan.

History

Anzu was founded in 2017 with the stated mission of making advertising in games better. It raised a $6.5 million round led by BITKRAFT in August 2019, a $9 million round in February 2021 led by BITKRAFT and Sony Innovation Fund, and a $20 million round in March 2022 led by NBCUniversal and HTC with Sony Innovation Fund and WPP participating. In June 2023 it closed a $48 million Series B led by Emmis Corporation, which also converted outstanding SAFE notes and gave some early investors the opportunity to exit at a 10x valuation increase. In June 2025 the company announced an investment from Amex Ventures.

Risks & controversies

In-game advertising remains an early-stage category with several competing vendors and no established leader, and Anzu's growth depends on advertiser budgets shifting into games. The company also declined to disclose its valuation at the time of its Series B, and did not name the Series A investor that did not participate in the round or the holders of the SAFE notes that converted.