Mobile ad firm Jumptap has closed a $27.5m (£17.5m) round of funding. The financing comes from existing investors including General Catalyst Partners, Redpoint Ventures, and WPP, as well as two new investors.

“Jumptap tackled the challenge of honing mobile ad targeting and understanding mobile audience, and it is flourishing on this path,” says John Simon, General Catalyst Partners MD, and chairman of the board at Jumptap. “Under the direction of its innovative leadership team, Jumptap has emerged as a leader in the market.”

Jumptap says it intends to use the money to accelerate growth through additional investments in product and technology development, and prepare for a public offering.

“The mobile advertising industry continues to grow at more than 50 percent annually. Jumptap is growing in excess of that,” says Jumptap CEO George Bell. “We’re focused on expanding our leadership in this surging market, developing our patented technologies in data and targeting, and preparing the company to go public.”