Mobile Advertising Network Jumptap Raises $25 Million From Existing Investors
Mobile advertising network Jumptap raised another $25 million from existing investors AllianceBernstein, General Catalyst, Redpoint Ventures, Summerhill Ventures, Valhalla Partners and WPP. There were a few new investors too, although the company didn’t disclose who they were.
The round was first reported last month when an SEC filing popped up, reporting $20 million in funds raised. Today Jumptap confirmed the round and said that it was actually $5 million larger.
Jumptap says the new funds will go toward product development and hiring account managers or salespeople who can handle client demand. Jumptap says that it had 10 billion ad requests in April. (For reference, Google’s AdMob said it was doing 2 billion requests a day in January so Jumptap is likely less than a sixth the size of Google’s acquired ad network.)
The Cambridge, Mass.-based company is one of the remaining independent mobile ad networks in the U.S. following the acquisitions of AdMob by Google, Quattro by Apple and most recently, Greystripe by ValueClick. With $94 million to date in funding according to Crunchbase, expectations around a successful exit would have to be in the hundreds of millions. AdMob’s price was $750 million, while Quattro’s was $275 million and Greystripe’s was $70 million.