, the ad network, announced Wednesday a $40 million round of private financing, which amounts to a minority interest in the company. The money will be used to fund growth in key areas: expansion into international markets; developing new products, such as DoubleClick Direct; improving its DART ad-targeting technology; and enhancing its ability to measure and place ads. The investor group includes Greylock Management Investment; Bain Capital; ABS Capital; Canaan Partners; Weiss, Peck & Greer Venture Partners; and Venrock Associates.
"This move is much more than a financial endorsement for our company," said DoubleClick President-CEO Kevin O'Connor in a statement. "It's an endorsement of our strategy from investors who understand the high growth market, and who are committed to helping technology-driven companies navigate their growth with smart business solutions."
Copyright June 1997, Crain Communications Inc.