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March 11, 2009

AdBrite Working To Be The Internet’s Ad Marketplace

AdBrite was founded in 2002 and advertises itself as “the Internet’s Ad Marketplace.” Based in San Francisco the company provides a website to buy and sell advertising online and gives advertisers the opportunity to have more control than on other advertising network. AdBrite’s website provides a whole variety of innovative formats for users to choose from. Users can create banner, text, and full page ads as well as image and video ads.

The company’s site also allows the user to set up a budget and upload the ad right on the site and then place the order. AdBrite received $4 million in Series A funding from Sequoia Capital in 2004 and in 2007 the company received $23 million in series C funding from both Sequoia Capital and Artis Management. The $23 million in Series C funding was a great benifit AdBrite received. Though the major investors were AdBrites existing investor, Sequoia Capital and Artis Management joining in, but other investors also took part in the deal. These new investors include DAG Ventures of Menlo Park, California and Japan’s Mitsui Ventures. After the foundation of the company and closing $4 million in series A funding from Sequoia Capital in 2004, AdBrite’s website grew to be the third largest advertising network behind Google and Advertising.com.

AdBrite employs 100 people and was founded by Philip Kaplan, who also serves as the company’s president of product, and Gidon Wise, who also serves as AdBrite’s President of Technology. Mr. Kaplan currently oversees AdBrite’s management and before founding AdBrite he founded several other companies. One of these companies is PK Interactive, which is a web-based software company that has big Fortune 500 clients such as Toyota and Mead Paper. Mr. Kaplan also sits on the board of the School of Information Studies at Syracuse University. As AdBrite’s President of Technology, Gidon Wise is responsible for the company’s technology. He has experience in information systems, internet applications, and web development. Mr. Wise holds a Master’s Degree in Computer Science from NYU and is also an avid tennis player.

The company’s CEO is Iggy Fanlo, who joined AdBrite in 2006. Before working for AdBrite, Mr. Fanlo was the president and chief revenue officer at Shopping.com. Before working in the tech industry, Mr. Fanlo worked on Wall Street with Morgan Stanley and J. P. Morgan for 15 years. Mr. Fanlo graduated from Princeton University in 1983 with a degree in chemical engineering. Mr. Fanlo also sits on AdBrite’s board of directors.

Along with Iggy Fanlo, AdBrite’s board of directors consists on one other person, Mark Kvamme from Sequoia Capital. At Sequoia Capital, Mr. Kvamme focuses on software and services investments. Mr. Kvamme joined Sequoia Capital in 1999 and before that he was Director of International Marketing at Wyse Technology and was a cofounder of Apple France.

Some of AdBrite’s main competitors are ScanScout, Adap.tv, and Videoegg. ScanScout provides a service similar to AdBrite. ScanScout created an advertising product that floats small ad links on video streams that do not obstruct the picture. ScanScout is based in Boston, Massachusetts and employs 20 people. Adap.tv is an online video platform that allows advertisers to match advertisement with online video content. Adap.tv was founded in 2006 and employs 15 people. Videoegg is a video ad network for online communities and connects brands to consumers with video and media on a network of over 200 prominent video, gaming, and social networks. Videoegg was founded in 2005 and is a privately owned corporation.