AdMob Lands New Funding – Looks to Japan
AdMob, which recently became cash-flow positive, just landed a new round of funding from Sequoia Capital and Accel Partners. The San Mateo, Calif., company raised $15.7 million in Series C funding. The company plans to use the money to hire staffers in key markets in Western Europe, India, South Africa and Japan, improve the technology that powers its mobile advertising marketplace and grow its sales and business development teams.
Online advertising is slumping, and most start-ups are hunkering down to ride out the financial storm. But Omar Hamoui, the chief executive, isn’t discouraged. In September, AdMob ran more than 25 campaigns for brand advertisers including CoverGirl, Toshiba and Comedy Central. And it tripled the number of ads it served on a monthly basis, to 4.6 billion in September. So rather than retrench, he said he wants to move aggressively to capture market share. By the end of 2009, AdMob will nearly double in size to 150 staffers according to this article on the LA Times.
Congrats Niran.. looking forward to see you here again soon!