When Finnish adtech Kiosked said earlier this month it has replaced long-time CEO Micke Paqvalen with his co-founder Antti Pasila we started to wonder whether all was well in the company.

Paqvalen’s LinkedIn page suggests he moved out from daily management role already two months before the official announcement, and when we looked at the Finnish trade registry the 2015 data there is also quite stunning – it suggests Kiosked made a 5-million-euro loss in 2015 on turnover of just 605,000 euros.

And that’s for the company which raised $30 million through different instruments the same year.

Something sounded not right, and the two co-founders were quick to clear it. They said the group 2015 revenues rose 4-fold to 16.7 million euros, while the group-level loss was 4.4 million, including significant one-off expenses.

“We have a platform business which enables exponential growth like this. In adtech, being innovative, highly automated and fully programmatic are all crucial elements for success and once your product is good, you need to be able to scale it fast,” Pasila said.
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The firm’s global headcount doubled to 79 last year.

With the firm’s publishing clients including DailyMail, News Corp, and CNN, Kiosked places in-context ads for more than 10,000 advertisers each month. With its global headquarters in Europe, Kiosked has offices in New York, London, and Los Angeles; but also in Tokyo, Sydney, and Shenzhen.