On March 31st Cambridge based mobile ad network Jumptap submitted a form to the SEC indicating that it had raised $20 million in new funding out of a $27 million offering amount. At the time, the company would not comment publicly or confirm raising a round with us despite the submission (and an article on TechCrunch based on that submission).
Today, it is official: Jumptap has closed a $25 million financing round. Existing investors including AllianceBernstein, General Catalyst, Redpoint Ventures, Summerhill Ventures, Valhalla Partners and WPP, as well as several new investors contributed to the round. The financing will be used to bolster growth, including product and technology development as well as expanding its client management staff to keep up with demand.
We often refer to Jumptap as one of Boston’s billion dollar companies; the company is dominating in the incredibly explosive mobile sector. Founded in 2004, they operate the largest independent ad network in North America. This ad network reaches 83 million consumers, a (big) number that is up 30 percent from last year. The company has enjoyed considerable growth and traffic in the last year, partnering with more than 10,000 sites and apps like Boston’s own Celtra and Fluent Mobile (now Fiksu). Most recently this April they received a whopping 10 billion ad requests.
Jumptap serves targeted mobile ads based on a cell phone owners network (AT&T, Verizon, etc.), device (Blackberry, iPhone, etc.), and their location. And the company has over a dozen patents to back that technology up.
“Jumptap is a strong and significant player in the world’s fastest growing new media,” said Scott Raney, General Partner, Redpoint Ventures, and member of Jumptap’s board. “The company has achieved scale and developed a market position around understanding mobile audiences, which we feel is very compelling. This vision, together with a superior leadership team, made this a tremendous investment opportunity for us.”
We had the pleasure of interviewing Jumptap’s Chief Product Officer, Adam Soroca, about the company’s plans for expansion in mid April. We are working to upload that video interview and look forward to updating this article to include it.
