January 11, 2011 10:00 ET
TargetSpot Closes $8 Million in Equity Financing to Grow Technology and Sales
Union Square Ventures, Bain Capital Ventures, CBS Radio and Milestone Venture Partners Increase Capital Investments in TargetSpot
NEW YORK, NY--(Marketwire - January 11, 2011) - TargetSpot, the largest digital audio advertising network, announced today it has closed $8 million in equity financing from: Union Square Ventures, Bain Capital Ventures, CBS Radio and Milestone Venture Partners. The funds raised will be used to fuel growth investments in TargetSpot's advertising technology, expand its network, and to rapidly grow its national sales force.
"TargetSpot has been a pioneer in developing the digital audio advertising market. Its early investments created the largest network of its kind, incorporating many of the leading online radio groups and pureplay music streaming companies," said Fred Wilson, managing partner at Union Square Ventures and TargetSpot board member. "The funding will help us accelerate TargetSpot's growth trajectory by expanding our advertising product lineup on both the web and mobile platforms."
"We have seen a rapid transition of online audio advertising into an essential component of the media buy for the largest national and regional brands," said Jeffrey Glass, managing director at Bain Capital Ventures and TargetSpot board member. "TargetSpot's growth this past year has dramatically outpaced the market and by investing more capital, we will be able to deepen our national footprint to best serve our rapidly growing advertiser base."
Building on its continuous innovation in advertising rooted in R&D leadership, TargetSpot plans to enhance its investments in targeting applications, analytics, and multi-platform consumer engagement. Additionally, the company will be expanding its sales force and support teams to better serve new and existing clients.
"Going into 2011, we will put more emphasis than ever on providing our advertisers solutions that offer precision, engagement, and high impact across our digital audio network," said Eyal Goldwerger, chief executive officer of TargetSpot. "With our increased capital investments, we will continue our commitment to being the key driver of growth and innovation in the digital audio advertising market."
For more information about TargetSpot's premier digital audio network go to www.targetspot.com.
TargetSpot is the largest digital audio advertising network. TargetSpot connects top national brands, and regional and local advertisers to highly engaged Internet and mobile audiences. Advertisers can use TargetSpot's self-service advertising platform or work with TargetSpot's full-service account management team to create rich media campaigns delivering high-impact audio, display and pre-roll video advertising across thousands of online properties. TargetSpot advertisers can target consumers by geography, listening preferences and demographics, and benefit from real time reporting and analytics. TargetSpot has more than 77 distribution partners, including CBS RADIO, AOL Radio, Entercom, Live 365, Yahoo! Music, and MySpace Music. TargetSpot is based in New York City.