Leading the mobile advertising AdMob raises USD 15.7 million

^{Triples number of ads served in the past year} Leading the mobile advertising AdMob raises USD 15.7 million

25 Oct 2008 at 16:41 GMT Timo Poropudas

AdMob, the world's largest and fastest growing mobile advertising marketplace, last week announced it has achieved cash flow positive results and secured a new USD 15.7 million Series C investment round.

The funding round was led by Sequoia Capital's Growth Fund with existing investor Accel Partners participating. 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:

With new money AdMob plans to accelerate 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. It also plans to deepen the investment in the company's mobile technology platform, including its targeting, optimization and ad serving algorithm.

"Today AdMob reaches more consumers on their mobile phone through our publisher network than any of the major Internet portals or search services, and this is just the beginning," Omar Hamoui, Founder and CEO, AdMob, said in the company press release.

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."