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Aug 12, 2018 · 19m · top-founders

1114 Personalized Video Adtech Company Hits $60m TTM Revenues

Oren Harnevo · 9m spoken Nathan Latka · 7m spoken
0:00 / 0:00

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In this episode of The Top Entrepreneurs, host Nathan Latka interviews Eyeview CEO Oren Harnevo about building a personalized video advertising platform that reached $60 million in annual run-rate revenue and raised $60 million in venture funding. Harnevo details Eyeview's technological differentiation, strategic pivot from publisher widgets to enterprise video ad tech, and its roadmap toward profitability in an $80 billion global advertising market.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 42.5% of the talking time here. How this is scored →

Nathan as informed peer 4.6 Guest teaching 3.1 Guest disagreement 1.7 Nathan pushing back 3.7
05100:0010:000:00–3:02 · Nathan as informed peer 5/10 Episode Preview and Eyeview Company Highlights Latka opens by probing Eyeview's claim of being the 9th fastest-growing company in America, questioning the source and metric. Harnevo clarifies the Deloitte Fast 500 criteria and four-year growth timeline.3:02–5:11 · Nathan as informed peer 6/10 Personalizing Video Advertising at Scale Latka brings up past guest Eric Frankel from AdGreetz to test whether Eyeview is an exact competitor. Harnevo distinguishes Eyeview's dynamic TV-style creative from AdGreetz's direct-name personalization.5:11–9:21 · Nathan as informed peer 7/10 Ad Spend Model and Proving Return on Investment Latka aggressively pushes on Harnevo's take-rate and fee structure, confronting him with CEO complaints about hidden ad taxes. Harnevo defends the bundled, non-transparent model by emphasizing full ROAS guarantees and extensive creative production.9:21–13:55 · Nathan as informed peer 7/10 Eyeview's Founding Story and Strategic Pivots Latka uses prior industry conversations (such as MediaOcean) to drill into adtech valuation multiples, distinguishing gross revenue from gross profit and net margins. Harnevo details public comparable multiples like Criteo.13:58–16:45 · Nathan as informed peer 4/10 Sponsor Break: Casper Mattresses Following a sponsor read, Latka asks about target bottom-line margins and profitability targets, which Harnevo addresses by detailing plans to reach profitability the following year.16:45–19:05 · Nathan as informed peer 3/10 The Famous Five Questions with Oren Harnevo Standard Famous Five rapid-fire closing questions where Harnevo shares book choices, CEO connections, software stack, and reflections.19:06–19:40 · Nathan as informed peer 0/10 Episode Conclusion and Eyeview Summary Host outro monologue recapping company headcounts, revenue figures, and key takeaways.0:00–3:02 · Guest teaching 3/10 Episode Preview and Eyeview Company Highlights Latka opens by probing Eyeview's claim of being the 9th fastest-growing company in America, questioning the source and metric. Harnevo clarifies the Deloitte Fast 500 criteria and four-year growth timeline.3:02–5:11 · Guest teaching 4/10 Personalizing Video Advertising at Scale Latka brings up past guest Eric Frankel from AdGreetz to test whether Eyeview is an exact competitor. Harnevo distinguishes Eyeview's dynamic TV-style creative from AdGreetz's direct-name personalization.5:11–9:21 · Guest teaching 5/10 Ad Spend Model and Proving Return on Investment Latka aggressively pushes on Harnevo's take-rate and fee structure, confronting him with CEO complaints about hidden ad taxes. Harnevo defends the bundled, non-transparent model by emphasizing full ROAS guarantees and extensive creative production.9:21–13:55 · Guest teaching 5/10 Eyeview's Founding Story and Strategic Pivots Latka uses prior industry conversations (such as MediaOcean) to drill into adtech valuation multiples, distinguishing gross revenue from gross profit and net margins. Harnevo details public comparable multiples like Criteo.13:58–16:45 · Guest teaching 3/10 Sponsor Break: Casper Mattresses Following a sponsor read, Latka asks about target bottom-line margins and profitability targets, which Harnevo addresses by detailing plans to reach profitability the following year.16:45–19:05 · Guest teaching 2/10 The Famous Five Questions with Oren Harnevo Standard Famous Five rapid-fire closing questions where Harnevo shares book choices, CEO connections, software stack, and reflections.19:06–19:40 · Guest teaching 0/10 Episode Conclusion and Eyeview Summary Host outro monologue recapping company headcounts, revenue figures, and key takeaways.0:00–3:02 · Guest disagreement 2/10 Episode Preview and Eyeview Company Highlights Latka opens by probing Eyeview's claim of being the 9th fastest-growing company in America, questioning the source and metric. Harnevo clarifies the Deloitte Fast 500 criteria and four-year growth timeline.3:02–5:11 · Guest disagreement 2/10 Personalizing Video Advertising at Scale Latka brings up past guest Eric Frankel from AdGreetz to test whether Eyeview is an exact competitor. Harnevo distinguishes Eyeview's dynamic TV-style creative from AdGreetz's direct-name personalization.5:11–9:21 · Guest disagreement 4/10 Ad Spend Model and Proving Return on Investment Latka aggressively pushes on Harnevo's take-rate and fee structure, confronting him with CEO complaints about hidden ad taxes. Harnevo defends the bundled, non-transparent model by emphasizing full ROAS guarantees and extensive creative production.9:21–13:55 · Guest disagreement 2/10 Eyeview's Founding Story and Strategic Pivots Latka uses prior industry conversations (such as MediaOcean) to drill into adtech valuation multiples, distinguishing gross revenue from gross profit and net margins. Harnevo details public comparable multiples like Criteo.13:58–16:45 · Guest disagreement 1/10 Sponsor Break: Casper Mattresses Following a sponsor read, Latka asks about target bottom-line margins and profitability targets, which Harnevo addresses by detailing plans to reach profitability the following year.16:45–19:05 · Guest disagreement 1/10 The Famous Five Questions with Oren Harnevo Standard Famous Five rapid-fire closing questions where Harnevo shares book choices, CEO connections, software stack, and reflections.19:06–19:40 · Guest disagreement 0/10 Episode Conclusion and Eyeview Summary Host outro monologue recapping company headcounts, revenue figures, and key takeaways.0:00–3:02 · Nathan pushing back 5/10 Episode Preview and Eyeview Company Highlights Latka opens by probing Eyeview's claim of being the 9th fastest-growing company in America, questioning the source and metric. Harnevo clarifies the Deloitte Fast 500 criteria and four-year growth timeline.3:02–5:11 · Nathan pushing back 4/10 Personalizing Video Advertising at Scale Latka brings up past guest Eric Frankel from AdGreetz to test whether Eyeview is an exact competitor. Harnevo distinguishes Eyeview's dynamic TV-style creative from AdGreetz's direct-name personalization.5:11–9:21 · Nathan pushing back 7/10 Ad Spend Model and Proving Return on Investment Latka aggressively pushes on Harnevo's take-rate and fee structure, confronting him with CEO complaints about hidden ad taxes. Harnevo defends the bundled, non-transparent model by emphasizing full ROAS guarantees and extensive creative production.9:21–13:55 · Nathan pushing back 5/10 Eyeview's Founding Story and Strategic Pivots Latka uses prior industry conversations (such as MediaOcean) to drill into adtech valuation multiples, distinguishing gross revenue from gross profit and net margins. Harnevo details public comparable multiples like Criteo.13:58–16:45 · Nathan pushing back 3/10 Sponsor Break: Casper Mattresses Following a sponsor read, Latka asks about target bottom-line margins and profitability targets, which Harnevo addresses by detailing plans to reach profitability the following year.16:45–19:05 · Nathan pushing back 2/10 The Famous Five Questions with Oren Harnevo Standard Famous Five rapid-fire closing questions where Harnevo shares book choices, CEO connections, software stack, and reflections.19:06–19:40 · Nathan pushing back 0/10 Episode Conclusion and Eyeview Summary Host outro monologue recapping company headcounts, revenue figures, and key takeaways.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 66.6% · guest 33.4%0:00 · Nathan 66.6% · guest 33.4%3:00 · Nathan 39.8% · guest 60.2%3:00 · Nathan 39.8% · guest 60.2%6:00 · Nathan 22.9% · guest 77.1%6:00 · Nathan 22.9% · guest 77.1%9:00 · Nathan 24.4% · guest 75.6%9:00 · Nathan 24.4% · guest 75.6%12:00 · Nathan 53.4% · guest 46.6%12:00 · Nathan 53.4% · guest 46.6%15:00 · Nathan 42.3% · guest 57.7%15:00 · Nathan 42.3% · guest 57.7%18:00 · Nathan 54.5% · guest 45.5%18:00 · Nathan 54.5% · guest 45.5%
Sharpest disagreement ▶ 7:08 Harnevo refuses cost breakdown transparency

Harnevo firmly rejects Latka's demand for Eyeview's margin split, comparing it to asking Kellogg's for the cost of individual cereal ingredients.

 Hardest push from Nathan ▶ 7:31 Latka challenges hidden fees as an ad tax

Latka refuses to drop the fee structure topic, directly challenging Harnevo with feedback from large enterprise CEOs who despise non-transparent agency margins.

 Biggest teaching moment ▶ 8:22 Harnevo breaks down agency fee economics versus guaranteed ROAS

Harnevo educates Latka on why standard 10-20% media margins offer negligible value compared to taking full downside performance risk with customized creative.

 Nathan holds their own ▶ 4:36 Latka demonstrates deep competitive knowledge of dynamic video tech

Latka cites specific enterprise ACVs and technical personalization workflows from competitor AdGreetz to test Eyeview's positioning.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Episode Preview and Eyeview Company Highlights 5325 Latka opens by probing Eyeview's claim of being the 9th fastest-growing company in America, questioning the source and metric. Harnevo clarifies the Deloitte Fast 500 criteria and four-year growth timeline.
Personalizing Video Advertising at Scale 6424 Latka brings up past guest Eric Frankel from AdGreetz to test whether Eyeview is an exact competitor. Harnevo distinguishes Eyeview's dynamic TV-style creative from AdGreetz's direct-name personalization.
Ad Spend Model and Proving Return on Investment 7547 Latka aggressively pushes on Harnevo's take-rate and fee structure, confronting him with CEO complaints about hidden ad taxes. Harnevo defends the bundled, non-transparent model by emphasizing full ROAS guarantees and extensive creative production.
Eyeview's Founding Story and Strategic Pivots 7525 Latka uses prior industry conversations (such as MediaOcean) to drill into adtech valuation multiples, distinguishing gross revenue from gross profit and net margins. Harnevo details public comparable multiples like Criteo.
Sponsor Break: Casper Mattresses 4313 Following a sponsor read, Latka asks about target bottom-line margins and profitability targets, which Harnevo addresses by detailing plans to reach profitability the following year.
The Famous Five Questions with Oren Harnevo 3212 Standard Famous Five rapid-fire closing questions where Harnevo shares book choices, CEO connections, software stack, and reflections.
Episode Conclusion and Eyeview Summary 0000 Host outro monologue recapping company headcounts, revenue figures, and key takeaways.

Statements from this episode (12)

Assertion Not checkable as stated
Eyeview grew revenue from $200k to $40M in four years
“They do four years growth, and I think we grew from like, you know, 200,000 to like forty million in Kind of four or five years, so that's hence the growth.”
Oren Harnevo Aug 12, 2018 ▶ 2:21
Assertion Not checkable as stated
Eyeview reached approximately $80M in revenue by 2018
“We're about double that now.”
Oren Harnevo Aug 12, 2018 ▶ 2:47
Disclosure
Eyeview generates hundreds of thousands of tailored video ad permutations
“We took all the product lists, all their stores, and instead of having this one TV ad goes to the whole country, we'll create hundreds of thousands of different variables ads.”
Oren Harnevo Aug 12, 2018 ▶ 3:34
Disclosure
Eyeview clients spend $300k to $800k annually on average
“300,000 to 800,000, kind of a wide gap. Depending on the size of the clients. These are ad budgets, so they're quite large.”
Oren Harnevo Aug 12, 2018 ▶ 5:22
Assertion Not checkable as stated
Eyeview claims to generate $3 to $5 per ad dollar spent
“So you pay us a buck, we show you three, four, five bucks back in sales.”
Oren Harnevo Aug 12, 2018 ▶ 6:31
Assertion Not checkable as stated
Transparent ad tech fees standardly range from 10% to 20%
“When it's more transparent, then the industry standard is anywhere between 10 to 20%.”
Oren Harnevo Aug 12, 2018 ▶ 8:16
Disclosure
Eyeview absorbs campaign costs until guaranteed ad performance targets are met
“We take the hit if we don't make the performance and we'll guarantee a performance and keep on running until we get them the results.”
Oren Harnevo Aug 12, 2018 ▶ 8:50
Assertion Supported
Eyeview pivoted to adtech because on-site video personalization lacked revenue potential
“In the beginning we went to clients like eBay and said, Hey, why don't we make a video for every type of a product you have? So we sold this personalization in their website. But then we realized there's not a lot of money there, and actually our clients said,…”
Oren Harnevo Aug 12, 2018 ▶ 10:15
Disclosure
Eyeview raised approximately $60M in venture funding
“Yeah, no, we raised about sixty million.”
Oren Harnevo Aug 12, 2018 ▶ 11:00
Assertion Partly supported
Criteo valuation multiples fell from 2.5x to 1.8x gross revenue
“Well, top line, if you look at Criteo, they're public, and they're sort of a similar guaranteed performance like us, public company, they're running at about two and a half X. Well, they were running about two and a half X multiple on gross. I think now it's d…”
Oren Harnevo Aug 12, 2018 ▶ 12:09
Insight
Growing adtech startups trade at 6-7x net and 2-2.5x gross revenue
“I think what we see in the market is about six, seven X on net revenue and about, you know, two, two and a half on gross. If there's real, Growth and into the company.”
Oren Harnevo Aug 12, 2018 ▶ 13:46
Prediction Not checkable as stated
Eyeview aimed to achieve profitability by 2019
“We want to be profitable by next year, which is a really important place in our business.”
Oren Harnevo Aug 12, 2018 ▶ 15:51
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