Nexage Increases Series B Round Financing to $15M
Hearst Interactive Media invests $5 million as part of the Series B round
BOSTON – August 6, 2012 – Nexage, the leading mobile advertising exchange with the market’s most advanced real-time bidding (RTB) platform, today announced it closed an additional $5 million in 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 $15 million.
The mobile advertising market is expected to grow to $20.6 billion by 2015 according to Gartner. Mobile RTB is expected to fuel that growth and 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.
Hearst’s investment acknowledges Nexage’s early leadership in this rapidly growing sector. Nexage was 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. The full $15 million Series B raise affirms Nexage’s clear opportunity to drive the market forward and benefit from the extraordinary growth of mobile RTB.
“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.
“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,” said Ernie Cormier, CEO 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,” said Punit Chiniwalla, director of investments for SingTel Innov8. “Nexage, with its RTB leadership, is poised to help the mobile advertising market realize its full potential.”About NEXAGE, Inc.
Nexage is the leading premium mobile advertising exchange, connecting over 300 publishers and developers with over 200 demand sources to create the most efficient, liquid, and vibrant programmatic market in mobile advertising today. The Nexage Exchange is the most advanced technology platform in mobile advertising, giving our customers the most intelligent and flexible exchange in the market to allow them to seize on the extraordinary value of programmatic. Nexage Connect leverages that technology, integrating and delivering first- and third-party data to provide rich and precise targeting for buyers, and to enhance the value of our publishers’ audience. Nexage serves customers on a worldwide basis with offices in Boston, New York, and San Francisco. Come visit us at www.nexage.com or follow us on Twitter @Nexage.
Eager to increase value for their clients, Nexage Client Services recommended that Bebo incorporate real-time bidding (RTB) into their inventory distribution strategy, which includes mediation, to enable access to the ad dollars pouring into RTB platforms.
Bebo now leverages the Nexage Exchange, comprised of both an RTB exchange and mediation, to connect their inventory to RTB-enabled ad sources. The Nexage Exchange enables Bebo to take advantage of the ad dollars surging into real-time bidding while optimizing eCPM and revenue across non-RTB enabled ad sources. This comprehensive and efficient distribution solution comes complete with an integrated, easy-to-use reporting dashboard and in-depth reports on revenue, eCPM, fill rate, and click-through rate.