Hogenhouck M&A successfully advised Refinery89 on entering into a strategic partnership with Capital D, a leading European investor. This partnership primarily provides Refinery89 with strategic expertise and operational support to accelerate its international expansion into Europe and Latin America and further strengthen its technology platform.
About Refinery89
Refinery89, founded in 2018 by Hugo Welkers and Rob Ottens, is a fast-growing AdTech platform specializing in programmatic monetization for digital publishers. With innovative solutions such as Single Tag and Monetize App SDK, Refinery89 helps publishers optimize their ad revenue, with an emphasis on simplicity, scalability, and transparency. Refinery89 focuses on underserved and non-English-speaking markets such as the Netherlands, Belgium, Spain, Germany, France, Mexico, and Brazil. The company is recognized as a Google Certified Publishing Partner and was listed in the Deloitte Fast 50 in 2023 and 2024.
Hugo Welkers, CEO of Refinery89: “Since our founding in 2018, we have made significant progress, driven by a clear mission and commitment to creating the highest-quality, innovative, and scalable solutions for digital publishers. Our partnerships go far beyond simply increasing ad revenue. Our goal is also to help publishers grow their businesses by generating more traffic with the best ad technology on the market and by providing premium service to all our clients. This announcement is a wonderful recognition for our team. We are on track to realize our ambition: to become the leading publisher network in Europe and LATAM. With Capital D, we have a highly valuable and strong partner on board who is helping us quickly achieve this position.”
About Capital D
Capital D invests as a private equity partner in mid-sized European companies that are disruptively capitalizing on structural technological and market trends. Through its combination of strategic insights, digital expertise, and a focus on sustainability, Capital D supports ambitious entrepreneurs in realizing their full growth potential.
Daryl Cohen, Partner at Capital D: “We are very excited to be partnering with Hugo, Rob, and the team, who have built a fast-growing and disruptive company. We look forward to supporting Refinery89 as it continues to expand its web and in-app publisher network in Europe and beyond, while scaling up its direct partnerships with global advertisers.”
Role of Hogenhouck M&A
Hogenhouck M&A advised Refinery89 throughout the entire M&A process—from preparation and investor selection to the successful closing of the transaction. The deal team consisted of Mark van Beusekom, Cedric Baerts, Thijs Piso, and Jelle Appels.
Mark van Beusekom, partner at Hogenhouck M&A: “Refinery89 is a prime example of how technological innovation and entrepreneurship come together in a scalable business model. We are proud to have had the opportunity to guide the team through this next phase of growth, alongside a strong and strategic partner like Capital D.”
Hugo Welkers, CEO of Refinery89, on Hogenhouck M&A: “We are incredibly grateful to Hogenhouck M&A for their guidance throughout this process; without them, this simply would not have been possible. In particular, we want to acknowledge the tireless efforts of Cedric, Jelle, and Mark. Time and again, they went above and beyond what one might expect. They were there for us even in the evenings and on weekends, and that’s exactly what makes the difference in a process like this. Their broad expertise in deal-making and strategic thinking helped us immensely, and their hands-on approach was also greatly appreciated. We would wholeheartedly recommend that every entrepreneur invite Hogenhouck for a pitch—you’ll be pleasantly surprised. Thank you!”
