LucidMedia, an online contextual display advertising platform and meta-network, has secured $8.8 million in funding, including the value of converted debt, to support the launch and expansion of its
contextual advertising network. The money will fund the opening of a New York City sales office and the hiring of a national sales team.
The funding is led by a combination of
institutional and individual investors including Lake Street Capital, RLI Partners, Melton Investments, Silicon Valley investment veteran Milan Mandaric, and Redleaf Group, whose CEO, Michael Tomana,
has joined the company's Board of Directors. This is LucidMedia's third round of funding.--Tanya Irwin