Tremor Media, a New York-based online video advertising network, has raised $11 million in Series B funding. Return backers Canaan Partners and Masthead Venture Partners co-led the round. Tremor previously raised an $8.64 million Series A round in September 2006.
Tremor Media, the leading online video advertising network, today announced that it has closed a Series B round of funding of $11 million. The round was led by Canaan Partners and Masthead Venture Partners, both of which led Tremor's prior round of funding. This financing raises the total investment in the company to $19.4 million, including the previous round of $8.64 million that closed in September of 2006.
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Tremor Media will use the funds to accelerate strategic growth plans, continue to extend its leadership position in online video advertising, expand its product offering to advertisers and publishers with new video ad formats and publisher tools, and enhance the flexibility of its technology platform to quickly respond to trends in the online video ad industry.
“We have established a very successful model in the video advertising space and have outpaced our own growth predictions, as well as the growth of the online advertising industry in general,” said Jason Glickman, CEO, Tremor Media. “Closing this next round of funds enables us to move forward more aggressively with our growth plans. Tremor Media will continue to be an independent, agnostic video ad network offering the largest variety of ad products and services to our clients.”
“Tremor has not only proven its vision for the online video advertising market, but has excelled in executing on that vision,” said Warren Lee, principal at Canaan Partners. “With the video advertising market growing rapidly and expected to surpass $3 billion by 2010, few companies understand the market as well as Tremor Media, which has quickly established itself as an industry and technology leader.
“Tremor Media has assembled a powerful mix of video advertising formats that marketers depend on to leverage the excitement and influence of online video,” said Rich Levandov, general partner of Masthead Venture Partners. “Their combination of technical expertise and marketing insight successfully addresses the challenges publishers face in monetizing online video content that we are proud to support.”
Tremor Media has grown rapidly in the last year; both revenue and publisher base have seen exponential increases. The additional funds will enable the company to introduce new, cutting-edge products aimed at further increasing sales revenue and network scale. Tremor Media also plans to broaden its ad sales, publisher and technology development staff. In addition, the company will use the funding to expand internationally in 2008 to meet the growing demand for video advertising around the world.
Currently, hundreds of leading advertisers and publishers choose Tremor Media for its unparalleled technology, diverse ad formats, large-scale reach and unmatched video expertise — all under one roof. “As an independent ad network with multiple video ad formats, Tremor Media delivers best-of-breed solutions to our advertising clients based on their goals, rather than forcing a single solution or format,” noted Glickman. “Publishers, as well, benefit from our increased flexibility, offering them the right ad products based on their content and business model.”
Going forward, advertisers can look forward to the development and deployment of new ad formats, enhanced targeting and more in-depth research and best practices based on extensive analysis of campaigns running across the Tremor ad network. Tremor's vast scale (92 million unique monthly users) also allows for extensive testing across the network, enabling advertisers to garner real-time insights to increase optimization and boost effectiveness of current and future campaigns.
Publishers can also expect a wider range of revenue sources for their video inventory, as well as benefits from participating in higher value inventory channels. Tremor is currently beta testing a number of new publisher-focused tools that will be introduced in the next two quarters. These tools are designed to provide flexibility and enhanced revenue opportunities for publishers who seek to monetize their video inventory.
As a leader in the online advertising industry, Tremor Media actively participates in leading industry trade organizations, such as the Interactive Advertising Bureau (IAB) and the Online Publisher's Association (OPA). As such, Tremor will also be using the round of funding to more aggressively participate and drive research that benefits the entire online advertising community. Tremor is currently a lead sponsor in the IAB's Digital Video Ad Effectiveness Study. The company will also be the title sponsor of the IAB's Digital Video Leadership Forum, as well as the premier sponsor for OMMA Magazine's Video Conferences.
About Tremor Media
Tremor Media is a leading online video advertising network providing advertisers with both in-banner and in-stream video advertising opportunities on over 800 top-tier publisher sites with more than 92 million unique visitors per month.
Tremor also provides publishers with a full suite of products and services to monetize streaming video and maximize ROI. Tremor's full service solutions offer the necessary tools for advertisers and publishers to utilize online video advertising as a powerful interactive medium. For more information visit: http://www.tremormedia.com/