Largest Video Ad Network to Solidify Its Leadership Position with Accelerated Product Development and International Expansion
NEW YORK, Feb. 19 /PRNewswire/ -- Tremor Media, the leading online video advertising network and technology provider, today announced it has closed an $18 million round of series C funding. The investment will enable the company to further build its premier video ad network and increase investments in advanced video technologies including Acudeo, the market-leading video ad monetization platform.
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This latest round of funding further validates Tremor Media's strategy to focus on aggressively penetrating the $70 billion television advertising market and accelerating the shift of TV advertising budgets into online video. To help facilitate the translation between offline and online media buying, the company recently announced a partnership with comScore (http://www.tremormedia.com/about-us/news-room/press-releases/february-6-2009/) to provide GRPs for web video, similar to the GRP measurement for traditional TV.
Meritech Capital Partners led the funding round along with participation from Tremor Media's existing investors. Previous funding included investments from Canaan Partners, Masthead Venture Partners, and European Founders Fund. The series C round of funding follows Tremor Media's third consecutive year of triple-digit revenue growth. According to comScore's Video Metrix, the company has also grown its video ad network to the 4th largest streaming aggregator behind only YouTube, MySpace, and Yahoo!
The additional capital will allow Tremor Media to accelerate product development, grow the Acudeo install base, and further expand the footprint of its video network. The company will also continue its international expansion under the leadership of Christian Baudis, former head of Google Germany who was hired in September 2008.
"Tremor Media has proven itself to be an innovator in the video advertising marketplace, and has developed highly successful solutions to address the video industry's most challenging pain points," said Mike Gordon, Managing Director of Meritech Capital Partners, who will join Tremor Media's board of directors. "As leaders in the high-growth area of online video, Tremor Media represents an ideal late-stage capital investment with enormous opportunity for growth."
"This round enables us to expand our ground-breaking video advertising solutions and to further differentiate ourselves in the online video ad market," said Jason Glickman, CEO, Tremor Media. "The support from Meritech, Canaan, and our other investors ensures that we'll be able to aggressively execute on our strategy and strengthen our leadership position during this challenging economic environment."
"Since our initial investment in Tremor in 2006, the company has exceeded all of the goals that we have set for it and has built an experienced, world-class management team," said Warren Lee, Venture Partner, Canaan Partners. "We're excited to continue supporting Tremor Media as they grow to meet the global demand for online video marketing solutions."
Contact: Corey Kronengold
ckronengold@tremormedia.com
(646) 278 - 7417
