MediaBank, a Chicago-based provider of procurement and analytics to the advertising industry, has raised $30 million in second-round funding from New Enterprise Associates. It had raised $10.5 million from NEA last year.
MediaBank, a leading provider of integrated procurement technology and advanced analytics to the advertising industry, today announced it has completed a $30 million round of equity funding by New Enterprise Associates (NEA). This is the second round of funding in MediaBank from NEA and follows a July 2007 investment of $10.5 million, further demonstrating the venture capital firm's commitment to MediaBank's mission to provide superior solutions to the media buying industry.
“We are excited that NEA has shown a continued interest through a second round of funding that will help establish MediaBank's position at the forefront of the industry,” said Brad Keywell, founder of MediaBank. “NEA's investment will enable us to maintain our aggressive development of the best media management systems for advertisers and media buyers.”
MediaBank provides software solutions that allow media buyers to manage media procurement, planning, billing, and tracking across all advertising channels — analog, Web-based and digital media — utilizing a single platform capable of integrating data and systems from a variety of sources. The scalable platform also allows for flexible workflow methodology and provides an integrated analytics suite for the best insights into data across all media types.
“MediaBank has built its platform with an understanding of technology and the impact it can have on the advertising industry, specifically the challenges faced with new types of media,” said Peter Barris, managing general partner at NEA. “We believe the company is raising the bar on features and functionality when it comes to the technology side of media buying, and is helping to improve the way business is done.”
A leading venture capital firm with $8.5 billion in committed capital across its affiliated funds, NEA is focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way people live, work and play. In keeping with its mission, NEA has invested in MediaBank as a company that improves the way media buyers work by developing software that offers analytical insight to the media buying process throughout its many stages, making advertising more efficient.
This latest round of funding from NEA will not only enable MediaBank to continue focusing on solutions for managing the media buy lifecycle within all current media types, but allow the company to continue to support the research and development of solutions for future media types as well.
About MediaBank, LLC
Privately-held Chicago-based MediaBank, LLC is a leading provider of integrated procurement technology and advanced analytics to the advertising industry. MediaBank solutions allow for unprecedented cross-media analytics and intelligence through superior planning, buying, workflow and data warehousing tools. The cornerstone of MediaBank's solution is the MediaBank O|X platform, offering buying, financial, and workflow tools across all media types, complemented by the MediaBank I|Q database and data warehousing system. The MediaBank A|X platform provides advanced analytics and predictive modeling, and the MediaBank X|G platform offers a new and innovative way for media buying transactions to take place. For more information on MediaBank, visit: http://www.mbxg.com.