BrightRoll Lights Up With $10M In Financing
Branded video ad network BrightRoll on Wednesday is expected to announce another $10 million in Series C financing. Led by Scale Venture Partners, that brings the company's total venture funding to $16 million since its launch in July 2006.
The San Francisco-based startup is also expected to announce that it achieved profitability nearly a year ago, but could still use additional funds to expand its technology platform, along with advertiser and publisher operations worldwide.
Existing investors True Ventures, Adams Street Capital and KPG Ventures also participated in this funding round.
Since launching in mid-2006, BrightRoll has focused exclusively on matching brand advertisers with "quality" branded media properties.
Co-founder and CEO Tod Sacerdoti said BrightRoll was well-positioned to take advantage of advertisers' and consumers' "flight to quality," which some experts believe to have occurred during the recession.
"We can use this new investment to drive growth at a time when there is more demand than ever for online advertising," said Sacerdoti.
Led by consumer goods, automotive, media and entertainment, interactive marketing will near $55 billion by 2014, according to Forrester. Among other factors, the researcher attributed the increased spend directly to the evolution of online video.
The privately held BrightRoll does not disclose specific financial information, but Sacerdoti assured that the number of agencies making "serious commitments" only grew last year.
Citing Quantcast metrics, BrightRoll claims to have surpassed Hulu in terms of unique users per month.