Jumptap Raises $27 Mil, Mobile Ad Spend Up
Mobile ad network Jumptap said Monday it has raised $27 million in new financing to enhance its product and technology development as it prepares
for an IPO.
The seventh-round funding comes from prior investors General Catalyst Partners, Redpoint Ventures, Summerhill Venture Partners, Valhalla Partners and WPP, as well new
investor Keating Capital. That brings the total raised to date by Jumptap to $121 million.
The company didn’t provide any details on timing when it comes to filing for an IPO,
but a spokesperson said it hopes to go public within a year. Jumptap CEO George Bell told Bloomberg revenue increased 60% last year at the 150-employee company.
Rapid growth in
the sector has helped other mobile ad companies launch IPOs in the last year and half, though the stocks have dropped well off their trading high points.
Rival mobile ad network
Millennial Media went public in March, raising $132 million through its offering priced at $13 a share. The stock now trades at its opening price, after hitting nearly $28 a share in its first day of
trading. Velti, another mobile advertising firm that went public at the start of 2011, has seen its share price cut nearly in half -- to about $6.50 since then.
As one of the
remaining independent mobile ad networks, Jumptap has been rumored as an acquisition target of a major Internet or other tech company. Jumptap says its network delivers 20 billion impressions a month,
reaching 107 million mobile users in the U.S. and 156 million worldwide.
Mobile advertising overall increased 150% to $900 million in the first quarter of 2012 from $400 million in
the year-earlier period, according to research firm IDC. The market share of mobile advertising grew to 9.8% in the first quarter from 7.1% in the fourth quarter of 2011.
The
Interactive Advertising Bureau last month estimated mobile ad spending worldwide in 2011 reached $5.3 billion, including $1.6 billion in the U.S.
Recent Online Media Daily Articles
-
Coca-Cola Loses Bid To Dismiss Text-Spam Case May 24, 5:41 p.m.
Consumers can proceed with a lawsuit against Coca-Cola for allegedly sending them unwanted SMS messages, a ... -
Disaster Ready: Google Maps Model Quickly Adjusts To Events May 24, 5:29 p.m.
The four-lane bridge in Washington state that partially collapsed Thursday into the Skagit River was removed ... -
Pandora Beats Rev Estimates, Adds Subscribers May 24, 5:01 p.m.
Online radio service Pandora on Thursday reported that revenue rose 55% in the first quarter to $126 ... -
Real-Time Web Turns Consumers Into Impulse Buyers May 24, 4:37 p.m.
Video, mobile, social, and better search capabilities continue to make it easy for consumers to buy ... -
Mugnier Shares M&C Saatchi's Mobile Approach May 24, 4:32 p.m.
M&C Saatchi Mobile was formed three years ago through the acquisition of mobile marketing agency Inside ... -
Yahoo Search Experiments With New Look May 23, 6:30 p.m.
Yahoo Search has been experimenting with colors, features and layouts, as the company tries to determine ... -
Path Seeks Dismissal Of Wireless-Spam Case May 23, 5:07 p.m.
Mobile social network Path is asking a federal judge to dismiss a lawsuit alleging that the ... -
Amazon Appstore Goes Global May 23, 4:59 p.m.
Amazon may have been late to the app store game, but that hasn’t stopped it from ... -
Data Is Springboard For Product Development May 23, 4:44 p.m.
iProspect named Ben Wood to global president Thursday; he's tasked with growing the company's network and ... -
Vice, Twitter Partner For Mobile Show May 23, 2:14 p.m.
Simultaneously expanding its video and social strategy, Vice on Thursday unveiled #dailyvice -- a daily show ...
Be the first to comment on "Jumptap Raises $27 Mil, Mobile Ad Spend Up"
Leave a Comment