Mobile advertising network madvertise has arranged more than $10 million in new funding, with US-based Blumberg Capital and previous investor Earlybird Venture Capital both agreeing to provide funds.
Berlin-based madvertise has grown over the last two years to become market leader in Germany, Austria and Switzerland, making it one of the largest mobile ad networks in Europe. Last week, the company announced that its turnover had increased more than 300% in the first half of 2011.
Carsten Frien, CEO and co-founder of madvertise, said “The second round funding from a Silicon Valley investor demonstrates the dynamic potential of the mobile advertising market in Europe and confirms madvertise’s strategy. The investment of renowned US investor Blumberg Capital is recognition of our strong market vision, outstanding technology and rapid execution, which has seen madvertise become one of Europe's leading mobile advertising networks. With Earlybird, who has significantly increased its investment in the B round, we already have one of the leading European VCs on board, so it is an ideal combination.”
Part of the investment will be directed to the company’s UK operations, with the aim of expanding the team and accelerating growth.
| We spoke to Carsten Frien about mobile advertising and app promotion earlier this year. You can listen to the full interview on our website, via iTunes or by downloading the MP3 file. |