Mobile advertising outfit Jumptap has announced a $27.5 million funding round.

It says this will enable it to accelerate its business and technology and prepare for a stock market float.

Existing investors General Catalyst Partners, Redpoint Ventures, Summerhill Ventures, Valhalla Partners and WPP were joined by new funders Keating Capital and a large but unnamed institutional investor.

This venture round - the company's seventh - brings Jumptap's total raised to over $140 million since 2005.

Getting bigger

"The mobile advertising industry continues to grow at more than 50 percent annually. Jumptap is growing in excess of that," said George Bell, its CEO.

"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."

The company reaches 107 million mobile users in the US and 156 million mobile users worldwide each month, delivering 20 billion mobile impressions.

It also has 29 patents with 200 pending.

"Jumptap tackled the challenge of honing mobile ad targeting and understanding mobile audience, and it is flourishing on this path," added John Simon, co-founder of General Catalyst Partners, and chairman of Jumptap's board.

"Under the direction of its innovative leadership team, Jumptap has emerged as a leader in the market."

[source: BusinessWire]