Mobile Ad Network Mojiva Gets $25 Million in New Funding
Mobile ad network and server Mojiva Inc. has secured $25 million in new funding, according to the company.
Mojiva encompasses two distinct business units: Mojiva, the global mobile ad network in the same category as Google's AdMob or Apple's iAd; and Mocean, an ad server that is shaping up to be the DoubleClick for mobile phones.
This comparison is especially apt since CEO Dave Gwozdz was part of the founding team for DoubleClick, which Google acquired for $3 billion in March 2008. Tony Nethercutt, who joined Mojiva in January as general manager for North America, is also a DoubleClick alum. He's also spent time at AdMob and YouTube, all of which were eventually acquired by Google.
Mojiva is just the latest mobile ad network to receive a substantial infusion of new money to combat behemoths like Google and Apple, whose mobile ad networks were currently the Nos. 1 and 2 market leaders in mobile display by 2010 gross revenue, according to IDC. This spring, Jumptap, IDC's largest remaining independent mobile ad network behind Millennial Media, also received $25 million in new funding. Mojiva serves 18 billion ad impressions per month for publishers such as ABC, Angry Birds and Hachette.
Other mobile ad networks have been consolidated into online ad stakeholders. Valueclick acquired mobile ad network Greystripe for $70 million in April.
Bringing Mojiva's total investment to $35 million, the new round was led by Shamrock Capital Advisors, with additional participation from investors Pelion Venture Partners and Bertelsmann Digital Media Investments. With it, Mojiva plans to expand its sales teams globally.
"I'm glad this money is tucked in now; it'll finish up the international ad and publisher sales team and also external support teams for new customers we haven't announced yet," said Mr. Gwozdz.
So far, staff is just about 60, with headquarters in New York and offices across the country. There's one office in the U.K., with a partnership in China pending.