Medialets scores $6 million in funding for ad expansion
Three new investors - 500 Startups, Dave McClure's new venture fund, and Great Barn Ventures featured in the round, joining existing investors The Foundry Group and DFJ Gotham.
Medialets has confirmed in a statement that the funds will be used to bring its rich media ads to the broadest range of advertisers possible.
Medialets, which began life back in June 2008, initially used its ads analytics to ascertain just what set-up would work on smartphones.
As a result, the company took its first steps in the rich media arena, initially offering support for iPhone and expanding to Android and iPad throughout the course of this year.
"We have... grown to be what is essentially the de facto standard for rich media ads for the premium mobile ad market a market where rich media will likely capture an even greater percentage than the 20 percent it has for online advertising," Medialets commented in a blog entry detailing the funding round.
"Rich media was already out there, we just brought it to mobile in such a way that makes rich media the best and only option for brands looking to reach consumers in mobile, and we've built the technology platform to bring it to much bigger scale than it's ever been before."
TechCrunch reports CEO Eric Litman claims Medialets' reach is in the dozens of millions, with US media giants such as CNN, CBS and Fox are amongst its client list.