Video ad company Adap.tv on Tuesday said it closed $20 million in financing led by Bessemer Venture Partners. The need for more capital, however, doesn't mean that business isn't booming, insisted Toby Gabriner, president of Adap.tv.
"Although we have tremendous traction in the market ... the demand for our products domestically and internationally requires us to move faster," Gabriner said.
"Specifically, we will focus on expanding the capabilities of our platform across all three product suites," Gabriner said, referring to Adap.tv for Advertisers, Adap.tv Marketplace and Adap.tv for Publishers.
The company most recently launched Adap.tv for Advertisers, with Interpublic Group's audience-buying platform Cadreon on board as its charter user. The new service includes media planning and buying, ad serving and trafficking, performance and optimization; it connects advertisers with thousands of buyers across platforms including the Web, mobile, set-top boxes and Web-connected television sets.
Calling the company's existing model "a smashing success," Gabriner noted that Adap.tv Marketplace now has more than 4,000 publishers listing their inventory and hundreds of buyers transacting daily.
Going forward, Adap.tv's greatest challenge remains smart execution on an increasingly larger scale. "Execution is the critical component to the success of start-ups at this phase," said Gabriner. "We have a growing market, a set of products in demand and a great team -- now it is simply a function of executing effectively."
In addition to international expansion, San Mateo, Calif.-based Adap.tv plans to further develop its capabilities into mobile and emerging platforms. "You can expect some big announcements from us in the coming months," Gabriner said.
Nearly a year ago, Adap.tv added a real-time bidding interface to the adap.tv marketplace. At the time, the company said it considered RTB to be a key technology in a new breed of online advertising tools, which are increasing ad effectiveness for advertisers and driving higher revenue for publishers.
Existing investors, including Gemini Israel Funds, Redpoint Ventures and Spark Capital -- which have already helped Adap.tv raise $23 million -- also participated in this latest round.