TargetCast Networks, a provider of out-of-home digital TV advertising, has received USD6.5m in its second formal round of venture capital funding from Claremont Creek Ventures and Draper Fisher Jurvetson.
TargetCast previously raised USD6.3m in a series A investment led by Claremont Creek Ventures in September 2007. To date, the company has raised USD12.8m.
Jerry Hall, president and chief executive of TargetCast Networks, says the funding will be used to fuel expansion of the company’s advertising network and to cultivate strategic partnerships to sell advertising and to build an internal advertising sales team.
"Each of our investors has an impressive track record in identifying and supporting promising new media platforms," says Hall. "In addition, they understand that our superior domain experience and patented technology positions our company as a leader at a critical time in the media industry."
"TargetCast is the leader in a growth category where marketers are seeking effective new media options as traditional media continues to decline. TargetCast’s management team clearly understands the media business today, and we see the company’s enormous potential," says Nat Goldhaber, managing director of Claremont Creek, a seed and early stage venture firm.
In tandem with the new round of funding, John Fisher, managing director of Draper Fisher Jurvetson, joins the TargetCast board of directors.
"The combination of TargetCast and Ripple has produced an out-of-home digital media advertising platform of significant scale that is now very appealing to both national and local advertisers who are trying to catch the attention of our on-the-go population," says Fisher. "The giant sucking sound of media dollars draining out of traditional print media and into the digital realm is proof of the attractiveness of this contemporary advertising medium."
