AdMob Closes $15 Million in Series B Funding
AdMob, the world’s largest mobile advertising marketplace, announced recently that it has closed $15 million in venture capital funding. The Series B financing round was led by Accel Partners, with previous investor Sequoia Capital participating as well. The announcement was made yesterday at North America’s largest mobile industry tradeshow, CTIA Wireless 2007 in Orlando, Florida.
The company says that it will use the funds to develop new solutions that will make it easier for advertising customers to leverage mobile. The company has ads viewed in over 160 countries.
“Mobile Advertising is exploding as advertisers of all types learn to take advantage of the mobile medium,” says Rich Wong, Partner at Accel Partners, who will join the AdMob board. “We’re excited to work with AdMob, as we believe AdMob’s unique international footprint, growing lead in mobile ad inventory and rich technology platform will continue to lead the way in this dynamic market.”
In January, AdMob announced that it had served 1 billion ads in the past six months. Demonstrating the acceleration in the market, AdMob has served more than 600 million ads in the last sixty days alone, sending the total past the 1.6 billion mark. Much of this growth has been fueled by growing activity in the US and Europe.
“We are thrilled to receive such enthusiastic support from Accel Partners,” said Omar Hamoui, CEO and Founder of AdMob. “We regard it as recognition of AdMob’s accomplishments to date and a testament to the growth of the industry, as well as the opportunities to come. This financing will enable AdMob to invest in making mobile advertising easy and accessible, unlocking the full potential of this medium.”
Advertisers are increasing their use of AdMob’s platform to reach customers on their mobile phones using different targeting capabilities.
AdMob is the world's largest mobile advertising marketplace. Founded in 2006, AdMob allows advertisers to reach their customers on the mobile Web, and publishers to increase the value of their mobile sites, through advertising. AdMob offers both advertisers and publishers the ability to target and personalize advertising in 160 countries. AdMob lets advertisers target by country, language, carrier, phone brand, phone model, behavior and OS, using self-serve web tools with transparent and robust reporting.
For more information, please visit www.admob.com