Mobile advertising marketplace AdMob has closed $15 million (7.7 million) in venture capital funding. The Series B financing round was led by Accel Partners, with previous investor Sequoia Capital also participating. The company says that it will use the funds to develop new solutions that will make it easier for advertising customers to leverage mobile.
In January, AdMob announced that it had served 1 billion ads in the trailing six months. Demonstrating the acceleration in the market, AdMob has served more than 600 million ads in the last 60 days bringing the total to over 1.6 Billion. Much of this growth has been fuelled by growing activity in the US and Europe.
AdMob has also revealed that 95.2 % of AdMob ads leverage geographic targeting; 63.2 % leverage behavioural or demographic targeting; and 9.1 % leverage targeting based on device capabilities.
We are thrilled to receive such enthusiastic support from Accel Partners, says AdMob CEO and Co-founder Omar Hamoui. We regard it as recognition of AdMobs accomplishments to date and a testament to the growth of the industry and the opportunities to come. This financing will enable AdMob to invest in making mobile advertising easy and accessible to unlock the full potential of this medium.
Rich Wong, a Partner at Accel Partners, who is joining the AdMob board, adds:
Mobile Advertising is exploding as advertisers of all types learn to leverage the mobile medium. Were excited to work with AdMob and believe that the AdMob platform and unique international footprint are ideally positioned to serve publishers and advertisers in mobile, and set the direction in this dynamic market.