• March 1, 2005

BlueLithium, an online advertising network, announced Monday that it has closed a Series A financing with roughly $11.5 million dollars in venture capital, and plans to use the funds to expand its advertising sales globally, especially into the U.K.

BlueLithium's network--which is one of the largest on the Web--is comprised of over 1,000 sites, which in 2004 commanded roughly 100 million unique users worldwide.

As part of the financing initiative, BlueLithium is picking up a few new members of the board of directors.

Rich LeFurgy, a venture partner at WaldenVC, which helped lead BlueLithium's financing, will join the board of directors, and has invested some of his personal funds in the advertising network. Steve Eskenazi, a general partner at Walden, and David Silverman--a partner at 3i, another firm that led the financing--will also join the board.

--S.G.