Vungle Secures $17M In Series B Funding From Thomvest Ventures, Google Ventures and AOL Ventures to Build First-Ever In-App Mobile Video Advertising Exchange
Company on path to triple headcount with expansion planned into Europe and Asia
Vungle, the largest in-app mobile video advertising platform, today announces that it has secured $17 million in Series B funding led by Thomvest Ventures with participation from existing investors—Crosslink Capital, Google Ventures, AOL Ventures, SoftTech VC, and Webb Investment Network. With the funds, Vungle plans to build a suite of monetization tools for mobile app developers, starting with the first-ever in-app mobile video ad exchange.
Vungle’s video ads provide app developers with maximum revenue and a first-class user experience. Video is an already familiar advertising medium, thanks to decades of TV commercials. When it comes to mobile advertising, video is a more engaging ad format that naturally integrates into mobile content. Less disruptive, more engaging ads mean that audiences are more likely to remain in the app for longer, which in turn generates more revenue for publishers.
“Vungle has proven to be an excellent source of revenue for SEGA,” said Mike Evans, senior director, digital marketing at SEGA of America, Inc. “Based on the solid results we’ve witnessed, we’re confident Vungle will continue to drive innovation in the mobile video advertising industry in 2014 and beyond.”
Vungle is in the final stages of building Vungle Exchange, the first technology to make the connection from brand demand to app supply instant and frictionless. It leverages existing demand channels and developer infrastructure to deliver beautiful branded video ads to apps across mobile devices.
The Exchange marks the first launch in a full suite of monetization products for developers that Vungle plans to release over the next year, as it continues to evolve as a technology leader.
“We saw the opportunity to add a great capital partner in Thomvest, so we decided to raise a round, even though the business did not need the money to sustain itself,” said Vungle CEO Zain Jaffer. “With this new investment we can aggressively scale across Europe and Asia and build a meaningful technology offering where publishers and advertisers can easily interact and create value.”
As part of today’s announcement, the company is opening an office in Berlin and another in Asia in the coming months. This geographic expansion is coupled with a team growth strategy in a plan to triple headcount across all areas of the business.
To learn more about Vungle, please visit: http://vungle.com/.
Serving top mobile publishers since 2012, Vungle is the leading in-app video advertising technology company. Vungle’s pre-cached streaming HD video ad platform and user-first approach has led to its track record of success helping developers monetize quickly and easily. Vungle has offices in San Francisco, London and Berlin. For more information visit www.vungle.com and follow @vungle.
( Press Release Image: http://photos.webwire.com/prmedia/42381/185197/185197-1.jpg )
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