Tremor Media Secures $18 Million Financing
The latest funding brings the total that New York-based Tremor has raised to date to just over $40 million. The company plans to use the new capital infusion to accelerate product development, build up the customer base for its Acudeo video ad platform for publishers, and continue its international expansion. Tremor opened offices in Germany and the U.K. last year and plans to broaden its presence in Europe in 2009.
"As leaders in the high-growth area of online video, Tremor Media represents an ideal late-stage capital investment with enormous opportunity for growth," said Mike Gordon, managing director of Meritech Capital Partners, in a statement. Gordon will join Tremor's board in connection with the firm's investment.
The Tremor funding comes a day after online video aggregator OVGuide.com announced landing $5 million in venture backing from Baroda Ventures. Web video is seen as one of the few ad categories expected to continue strong growth in 2009. Research firm eMarketer predicts that online video advertising will grow 45% to $850 million this year.--Mark Walsh