Nexage Raises $10 Million
Gail Chiasson, North American Editor
Nexage mobile ad exchange, Boston, recently raised $10 million in a second round of venture financing led by SingTel Innov8, the corporate venture capital arm of the SingTel Group.
Prior investors Relay Ventures and GrandBanks Capital also participated in the financing, which brings the total raised by Nexage to date to $14.5 million.
Nexage plans to use the new capital to build out its products and technology, add sales staff, and potentially expand its ecosystem of buyers and sellers. More than 300 publishers and developers and 150 buy-side entities currently use Nexage real-time bidding exchange to trade mobile display inventory. The company saw bid volume increase 70% a month in 2011, and earlier this year it said ad requests had surpassed 100 billion.
The company has benefited from more publishers optimizing their digital presence for mobile as well as advertisers becoming more active in making mobile buys using RTB platforms.
In addition to giving Nexage greater resources, the funding also points to SingTel’s recent expansion into mobile advertising. In March, the Singapore-based mobile phone and services provider acquired U.S. mobile ad and marketing firm Amobee for $321 million.
The Interactive Advertising Bureau says that U.S. mobile advertising grew more than threefold in 2011 in to $1.6 billion, and estimates the global mobile ad market at $5.3 billion.
June 12th, 2012 at 14:53 @661
Another mobile ad exchange – media buyers are already confused and frustrated.