September 30, 2009
Based in San Ramon, California, TargetCast Networks, a leading purveyor of digital TV advertising announced today that it has received a second round of formal funding from DFJ and Claremont Creek Ventures totaling a net worth of $6.5 million. This round of funding comes on the heals of a $6.3 million series A funding round that was led by Claremont Creek Ventures in September of 2007. With these two investments added up, the company has currently reached a total amount of funding totaling a net worth of $12.8 million.
TargetCast Networks is a company that develops and purveys digital TV technologies for out of home television. TargetCast’s technology allows venue operators to both create and broadcast their own custom promotional content on TV screens that their clients have in their establishments. The company also provides local, regional, and national advertisers, who can target a large audience with customized television sets at a much lower rate than conventional advertising methods.
According to the president and CEO of TargetCast Networks, Jerry Hall; proceeds from this new funding round will go to establish new strategic partnerships and create a new internal advertising sales team. Mr. Hall further stated that TargetCast’s investors have a proven track record of seeking exceptional media opportunities. Furthermore, the company’s investors understand that the company’s management has a superior domain experience in the industry and TargetCast also has patented technology and all this together puts the company ahead in a crucial time in the media and advertising industry.
Nat Goldhaber, Managing Director of Claremont Creek Ventures stated that TargetCast Networks is leading the way in a growth category that marketers are looking for in new media options, since that the more traditional media, which people have been accustom to for the past century is dying out. Furthermore, the company’s management team is run by highly diligent people who have a deep understanding of the media industry today.
This extra round of funding is not the only thing that TargetCast has announced today. Along with the joint funding with Claremont River Ventures and DFJ, the company also announced that Mr. John Fisher, who is the Managing Director of DFJ will also come on board as a new member of TargetCast’s board of directors. Mr. Fisher will join other board members, who include Claremont River’s Nat Goldhaber and Paul Straub; TargetCast’s CEO, Jerry Hall; and Dr. Peter Sealey, who was Coca Cola’s CMO and a well known advertising media expert.
According to DFJ’s John Fisher, the advertising on out of home digital television networks is becoming a growing platform. This platform is not only a new platform, but is also growing at not only the local level, but at the national level as well. Mr. Fisher further added that the loud sucking sound of dollars draining out of the sinking traditional media industry and going into the new digital media of the 21st Century makes TargetCast Networks a good investment and a great opportunity for all of its investors.
With over $305 million under its management, Claremont Creek Ventures is a vc firm that primarily invests in seed and early stage companies who are in the energy management and conservation, IT, healthcare, security, and tech industries. Claremont Creek Ventures is a prominent vc firm that is based in Oakland, California. Some other companies in Claremont Creek’s portfolio include Adura Technologies, Arcxis Biotechnologies, Gene Security Network, Lefora, Sentilla, and others.
DFJ, or Draper Fisher Juvertson, is a globally renowned vc firm with its headquarters in Menlo Park, California and other offices in New York City, China, and India. In the vc firm’s 24 year history, DFJ has invested in over 500 companies; some of which are well known household names, such as Hotmail, acquired by Microsoft; Skype, and others. Other companies in DFJ’s current portfolio include 4Info, Abuzz, AltoBeam, AppStream, BinOptix, and others.
For more information about TargetCast Networks, click here.