ContextWeb a leading contextual advertising company and operator of the ADSDAQ Exchange, announced that it has closed a $26 million Series D round of funding led by Investor Growth Capital, with participation from all existing investors, which includes DFJ, DFJ Gotham Ventures, Updata Partners, DFJ New England and Gold Hill Capital. The financing brings ContextWeb's total equity investment to $54 million. Noah Walley, Managing Director of Investor Growth Capital, has joined the board of directors. CEO Anand Subramanian said of the financing, "This round of funding will help propel current and future product releases as we rapidly grow the ADSDAQ Exchange. Our Agency Trading Desk, Publisher Reach Extension Program, Self-Serve Publisher Selling Desk, Self-Serve Advertiser Buying Desk and Buying Desk for Vertical Ad Networks all provide scalable solutions for advertisers, ad agencies and publishers." ContextWeb is a leader in the growing online advertising market. According to the company's announcement, which cites a report by IDC, internet ad spending in Q1 of 2008 was up 23.9% vs. the same period in 2007. ContextWeb's ADSDAQ Exchange ranks among the top 20 ad-supported properties, according to comScore Media Metrix, and reaches more than 100 million monthly unique visitors, as of May of 2008. |
