May 26, 2009
VC Firm, DAG Ventures Leads $10 Million in Series C Financing for OpenX
Based in Pasadena, California, the leader in independent media and ad production, OpenX announced that it had closed $10 million in series C financing with DAG Ventures leading the investment. The companyâ€™s existing investors, which include Mangrove Capital, Index Ventures, Accel Partners, First Round Capital, and Jonathan Miller, also participated in this round of investment. OpenX is a company which provides a community of publishers with an ad server that is comprehensive, customizable and free to use. What makes OpenX so powerful and attractive to investors is that its ad service is also translated into 25 different languages, making the advertisements generated with OpenXâ€™s service effective globally, not just regionally. Besides OpenXâ€™s headquarters in Pasadena, California, the company is also in other countries as well, with offices in Poland and London.
Four key factors play a role in OpenXâ€™s success, these are: rapid product adoption, massive global footprint, ramping revenue, and exceptional team. The company has experienced amazing growth since closing and finalizing its series B round of financing, with the number of hosted sign-ups growing over 10,000 from December 2008 to April 2009. Currently, OpenX has calculated to have about 7.5 billion impressions. OpenX 2.8 is growing in such a rapid rate, with current numbers showing over 3,000 users with over 10 billion impressions in just the first six weeks after the companyâ€™s inception.
OpenX has acquired a massive global footprint by making its services available world wide by hosting a community of over 38,000 publishers running over 150,000 websites. The service is available in over 100 countries.
The advertisements generated by OpenX have been embraced by both publishers and advertisers, increasing the companyâ€™s revenues, giving the company four revenue streams. It generates its revenue from providing professional services, premium support packages, premium hosted packages, and OpenXâ€™s market. All this together gemerates the type of revenue that attracts future investments, allowing the company to grow even more in the future.
OpenXâ€™s management team includes former Yahoo employees, including Tim Cadogan, who is currently working as the companyâ€™s CEO, and according to the managing partner of DAG Ventures, Nick Piaqnim, OpenX demonstrates a strategy that combines a unique business model with a product that is widely adopted and provides a basis for businesses on a large scale. Mr. Cadogan further states that the companyâ€™s team is pleased with OpenXâ€™s progress over the last year. Furthermore, Mr. Cadogan shows deep gratitude to the companyâ€™s investors, who are providing OpenX with such a sound investor base.
DAG Ventures is a vc partnership that believes in helping and investing in exceptional entrepreneurs who can build leading companies across many different markets. DAG mainly invests in companies with a proven technology in the life sciences, IT, and energy technology industries. Some other companies in DAGâ€™s portfolio include 1Life Healthcare, 3VD Security, Adamas, AdBrite, Altra, Birst, Blue Lane, CheapTravel, and others.
To find out more about OpenX, click here.
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