AdMob, a San Mateo, Calif.-based mobile advertising marketplace, has raised $15.7 million in Series C funding. Sequoia Capital’s Growth Fund led the round, and was joined by Accel Partners. The company had previously raised $18.6 million from Accel and Sequoia.
AdMob, the world’s largest and fastest growing mobile advertising marketplace, today announced it has achieved cash flow positive results and secured a new $15.7 million Series C investment round, led by Sequoia Capital’s Growth Fund with existing investor Accel Partners participating, to expand its global leadership position. The company has experienced strong growth over the past year, more than tripling the number of ads served on a monthly basis to 4.5 billion in September 2008.
Fueled by this funding, AdMob will make significant strategic investments to increase the company’s clear lead in mobile advertising, including:
Accelerating the growth of worldwide operations by hiring local staff in key markets and adding new language interfaces, with an emphasis in Western Europe, India, South Africa and Japan
Deepening the investment in the company’s mobile technology platform, including its targeting, optimization and ad serving algorithm
Expanding the breadth of offerings for both publishers and advertisers
Increasing leadership position in the U.S. by growing AdMob’s sales and business development teams
“Today AdMob reaches more consumers on their mobile phones through our publisher network than any of the major Internet portals or search services, and this is just the beginning,” said Omar Hamoui, Founder and CEO, AdMob. “We chose to raise this new round of funding to continue to grow both the mobile advertising market and AdMob’s clear advantage in it by investing in the technology, operations and team that have set the bar for the mobile industry.”
AdMob also announced its publisher network now includes more than 6,000 partners worldwide, giving it an unmatched scale. New publishers in 2008 include MySpace and MovieTickets.com.
“AdMob has surpassed the largest names in digital advertising to become the world’s biggest mobile ad network in just two short years,” said Jim Goetz, Partner, Sequoia Capital. “AdMob has tapped into the exploding market of publishers creating great mobile content for consumers and the advertisers eager to interact with those engaged users. AdMob is well capitalized and has achieved cash flow positive results, giving them a unique opportunity in this difficult economic climate to aggressively capture market share. They have some of the same qualities that we saw in Google, Yahoo!, YouTube and Apple, including their exceptional team and powerful technology platform.”
AdMob also continues to see a steep increase in the number of brand and performance advertisers running campaigns on its network, with especially strong demand for iPhone inventory. In September 2008, AdMob ran more than 25 campaigns for brand advertisers including CoverGirl, Toshiba, and Comedy Central.
AdMob is the world’s largest and highest quality mobile advertising marketplace, serving more than 4.5 billion mobile banner and text ads per month. Incorporated in April 2006, AdMob allows advertisers to reach their customers on the mobile Web and enables publishers to increase the value of their mobile sites. AdMob makes it easy for publishers to monetize their mobile traffic and for advertisers to target and reach customers on the mobile Web in more than 160 countries.
AdMob has been named a 2008 Technology Pioneer by the World Economic Forum, one of Wired.com’s 2008 Companies to Watch, and VentureBeat’s Mobilebeat 2008 Best Overall Mobile Startup / Best Mobile Infrastructure Company. To learn more about AdMob, visit www.admob.com.
About Sequoia Capital
Sequoia Capital provides startup venture capital for very smart people who want to turn ideas into companies. As the “Entrepreneurs Behind the Entrepreneurs,” Sequoia Capital’s Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube, Steve Goldman and Sujal Patel of Isilon Systems and Dominic Orr and Keerti Melkote of Aruba Networks. To learn more about Sequoia Capital visit www.sequoiacap.com.