Conde Nast Invests In Flite For Web Ads
Conde Nast is making an undisclosed investment in cloud-based ad platform Flite, which it will also use to deliver rich media ads across its magazine Web sites. Flite's ad tools are intended to turn display ads into app-like experiences by integrating features such as video, social media, live chat and e-commerce.
Brands already using Flite include L'Oreal, CBS, General Mills, Microsoft and P&G. “Flite is a valuable addition to Conde Nast’s arsenal of development tools,” stated Josh Stinchcomb, vice president, corporate partnerships at Conde Nast. The publisher operates 27 Web sites and 50 apps for mobile and tablet devices.
Flite, formerly Widgetbox, received $12 million in funding last year in relation to its rebranding in a venture round led by General Catalyst. Sequoia Capital, Hummer Winblad Venture Partners and NCD Investors has participated in the effort.
Conde Nast consumer magazines include Vogue, GQ, Wired, Brides and Conde Nast Traveler.