Nexage increases Series B round financing to USD15m
Nexage, a mobile advertising exchange, has closed an additional USD5m in funding from Hearst Interactive Media.
With the USD5m financial investment, Hearst joins SingTel Innov8, Relay Ventures and GrandBanks Capital in Nexage's Series B round totalling USD15m.
The mobile advertising market is expected to grow to USD20.6bn by 2015 according to Gartner. Mobile RTB is expected to fuel that growth and constitute almost 30 per cent of the mobile advertising market by 2015. The continued sector growth and the increasingly strategic role of mobile RTB were key drivers of the investment.
Nexage was the first to introduce mobile RTB, was a key architect of OpenRTB that established the first cross-industry standards for mobile advertising and has led the charge to enhance targeting within a sound and sustainable privacy environment.
"Nexage has been able to take and maintain industry leadership, especially in mobile RTB," says Darcy Frisch (pictured), vice president, Hearst Interactive Media. "We are thrilled about this opportunity to invest in Nexage, helping it shape and expand a market that has become increasingly vital for publishers and advertisers alike."
With this round of financing, Frisch will join Nexage's board of directors.
"We are excited about Hearst Interactive Media being a part of our Series B round, they are a tremendous asset as a Nexage investor and board member," says Ernie Cormier, chief executive and president of Nexage. "Our mission remains the same with this additional Series B funding: to extend our RTB leadership, champion and support the needs of our premium customers, and accelerate the maturity of the mobile advertising market."
"We are proud to have led Nexage's Series B financing with strong investors such as Hearst Interactive Media, GrandBanks Capital and Relay Ventures," adds Punit Chiniwalla, director of investments for SingTel Innov8. "Nexage, with its RTB leadership, is poised to help the mobile advertising market realise its full potential."
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