Cambridge-based Celtra has just announced that they have raised $5 million in Series A funding from Grandbanks Capital and Fairhaven Capital. Celtra Inc., is the industry’s first self service platform for rich media advertising and analytics across mobile devices. Grandbanks’ Tim Wright and Fairhaven’s Mark Hatfield have joined Celtra’s Board of Directors. Celtra is located in the Cambridge Innovation Center in Cambridge Mass.

Mobile advertising is set for a big 2011, and this new funding will accelerate the delivery of their rich media ad platforms and allow them to scale and reach more agencies, advertisers, and publishers. Industry forecasts put the U.S. mobile advertising market at $1.1 billion in 2011, growing to more then $2.5 billion in 2014.

“Celtra is extremely well positioned to emerge as the industry leader for rich media advertising solutions for mobile devices,” said Tim Wright, General Partner at GrandBanks Capital. “The mobile advertising market is growing exponentially and their self-service platform will make it easier for brands to tap the engaging nature of rich media.”

Their web-based solution allows publishers, ad networks, and media agencies to easily create, distribute, and measure rich media ads across all major OS platforms. Celtra has reportedly worked with a number of big brands like Starwood Hotels, Kmart, NBA and Evian.

“GrandBanks and Fairhaven will be outstanding partners,” said Mihael Mikek, founder and CEO of Celtra. “They have recognized our unique technology for scalable and cross-platform rich media mobile advertising. Both firms have extensive experience in our industry and can help Celtra scale operationally to meet the growing demand for our platform. This funding will allow us to grow our business and continue to develop our technology ahead of the market.”