AdMob pulls in another $12.5 million
Mobile-ad company raises fresh funds from Draper Fisher Jurvetson's growth fund and Northgate Capital, expanding its Series C round to $28.2 million.
The money comes from the Draper Fisher Jurvetson Growth Fund and Northgate Capital, adding to the round's existing lead investor Sequoia Capital and repeat investor Accel Partners. The funding brings its Series C total to $28.2 million.
AdMob recently launched a business unit Android platform. The reason for the Series C round, the company said, is to keep up growth, even as the advertising industry takes a hit. It'll be focusing on some new international markets, as well as expanding its sales and business development teams in the United States.on Google's
"We believe that now is a critical moment for us to cement our leadership position by making the investments that will help us to come out of this challenging economic environment even stronger than when we went in," AdMob's blog post read. "As mobile Web and application usage continues to grow rapidly worldwide, and smartphones--from the iPhone to the G1--gain in market share, we see a real opportunity to expand the mobile-advertising market."