24/7 Real Media nabs $7 million

24/7 Real Media, a provider of technology for digital marketing, said Tuesday that it raised $5 million in equity funding with an option to secure an additional $2 million from international investment group Sunra Capital Holdings. The funding comes as the company plots a turnaround strategy to reach profitability during a severe slump in the technology sector. As part of the agreement, 24/7 Real Media issued $1.6 million of preferred stock to Sunra, convertible at $0.20535 per share, and $3.4 million of nonvoting convertible preferred stock, which will automatically be converted per shareholder approval. "This significant investment...is a tremendous validation of our strategy and provides the cushion we needed to be able to assure our investors, employees and customers that 24/7 Real Media will continue to be a leader in the online advertising industry for the foreseeable future," 24/7 Real Media CEO David Moore said in a statement.