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Mobile Ad Agency Raises Additional Investment Funding
Published on:
The mobile advertising agency, Nexage has raised an additional US$5 million investment funding from Hearst Interactive Media. With the $5 million financial investment, Hearst joins SingTel Innov8, Relay Ventures and GrandBanks Capital in Nexage's Series B round totaling US$15 million.
The company says that it expects the mobile real-time bidding (RTB) adveritising market to constitute almost 30% 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 first to introduce mobile RTB, was a key architect of OpenRTB that established the first cross-industry standards for mobile advertising.
"Nexage has been able to take and maintain industry leadership, especially in mobile RTB," said Darcy Frisch, 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.
Tags: [nexage] [mobile advertising] [USA]
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