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Nexage extends Series B round raising an additional $5 million

Hearst Interactive Media brings total to $15 million
Nexage extends Series B round raising an additional $5 million
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Further to its $10 million investment raised in June 2012, ad exchange network Nexage has sneaked in an additional investor.

Hearst Interactive Media has injected $5 million into the Series B round, bringing the total to $15 million.

It joins current investors were SingTel Innov8, Relay Ventures and GrandBanks Capital.

Just in time

Nexage, which highlights its real-time bidding platform, says it will use the cash to ride the growth of the mobile advertising market harder.

"Nexage has been able to take and maintain industry leadership, especially in mobile RTB," said Darcy Frisch, vice president, Hearst Interactive Media, who joins the Nexage board as part of the deal.

"We are thrilled about this opportunity to invest in Nexage, helping it shape and expand a market that has become increasingly vital for publishers and advertisers alike."

"Our mission remains the same with this additional Series B funding: to extend our RTB leadership, champion and support the needs of our premium customers, and accelerate the maturity of the mobile advertising market," added Nexage CEO and president Ernie Cormier.

[source: Nexage]