June 16, 2009
VC Firm, Foundation Capital Leads $1 Million Investment in Seed Funding for AdWhirl
Based in Menlo Park, California, the growing popular iPhone application maker, AdWhirl closed a $1 million in seed funding, led by Foundation Capital and a few angel investors also participated in the funding.
Founded in April of this year, AdWhirl is a company that has developed the worldâ€™s first dynamic ad application for Appleâ€™s iPhone and is growing in popularity with advertisers who design apps for the iPhone. AdWhirl works by allowing both advertisers and app developers to collaborate and design a dynamic system where ads can appear in the different apps made for the iPhone. Furthermore, the rollover technology developed by AdWhirl also ensures that publishers can always serve a paid advertisement, where and when possible. AdWhirl also allows both advertisers and developers to generate both targeted and personalized advertisements that target the interests of the individual iPhone users.
As of April of this year, AdWhirl has grown to reach a good sized clientele with over 1,000 publishers and over a billion ads of both of Appleâ€™s iPhone and iPod Touch. Users, who download free apps for these gadgets are now getting ads on those apps that can target their interests and to add more power to AdWhirlâ€™s economic engine, the companyâ€™s platform is also available in over 160 countries.
According to Charles Moldow, general partner at Foundation Capital, advertising on the constantly evolving mobile platform to reach out to the latest mobile gadgets, such as the iPhone, is a growing industry, as advertisers are seeing the mobile media as practically an untouched canvas for targeted and personalized advertisements. Furthermore, as mobile technology is getting more advanced and the graphics on mobile devices are getting better, advertisers are seeing great potential in the mobile market. AdWhirl has a unique platform and it is attracting a growing number of publishers and the potential for AdWhirl to grow in this explosive market is great.
Along with the agreement with this funding round, Mr. Moldow will also join AdWhirlâ€™s board of directors.
According to AdWhirlâ€™s cofounder, Sam Yam, with the advent of Appleâ€™s latest gadgets, such as the iPhone and the iPod Touch, there are over 50,000 different apps for these devices. Furthermore, because of this, it is becoming more difficult and challenging for developers and advertisers to get the attention of these users. The revolutionary platform that AdWhirl offers is a platform that can allow for free customizable apps which publishers and advertisers can place their ads on.
Founded in 1995, Foundation Capital is a vc firm whoâ€™s sole purpose is to invest in diligent and ambitious entrepreneurs to build great companies. Some of the companies in Foundationâ€™s portfolio include Aktino, Altor Networks, Atheros, Azur Power, and others.
For more information on AdWhirl, click here.
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