WideOrbit secures $9.5 million in funding
Advertising optimization firm attracts capital in a Series D round led by Mayfield Fund. But with so many alternatives to compete with, does it even matter?
WideOrbit, a software developer that manages advertising sales for more than 1,000 TV stations, radio stations, cable networks, and stadiums, announced that it raised $9.5 million of Series D funding in a round led by Mayfield Fund. But according to the company, it's hoping for an additional $800,000 before it closes the round.
Although advertising is expected to slow over the coming months amid economic troubles, WideOrbit's ability to raise its latest round of funding may suggest that some venture capitalists don't necessarily trust speculation that it will be so bad. But with a set of solutions that aim at maximizing an advertising campaign's effectiveness online, while minimizing expenses, WideOrbit's solutions aren't unique. And in a time of economic uncertainty, its services may not offer enough for it to compete on the same level as competitors such as Harris or any other companies offering ad campaign optimization.
Thanks to its latest round, WideOrbit has now raised $30 million in funding since its inception.