Adap.tv Closes $20 Million in Funding Led by Bessemer Venture Partners
New Investment to Fuel International Expansion, Platform Growth and Product Development
SAN MATEO, Calif., March 29, 2011 /PRNewswire/ -- Adap.tv, the platform that makes buying and selling video advertising simple and efficient, today announced it has closed $20 million in financing led by Bessemer Venture Partners. Existing investors Gemini Israel Funds, Redpoint Ventures and Spark Capital also participated in the round. Adap.tv will use this financing to support international growth, expand its technology platform, intensify product development, and strengthen its leadership position in the U.S. market.
"Adap.tv is changing the way video advertising is bought and sold by connecting advertisers and publishers on one open platform. Over the past year we've seen incredible adoption of the Adap.tv Marketplace and we have surpassed our expectations for growth, as advertisers demand access to premium video inventory and publishers seek to fully monetize their content," said Amir Ashkenazi, CEO and Co-founder, Adap.tv. "The investment helps us focus on expanding in areas where we see the greatest opportunity. This includes strengthening our cutting-edge platform and putting a deeper focus on international markets."
Since its launch in February 2010, more than 4,200 sites have adopted the Adap.tv Marketplace as a monetization solution and are benefitting from the hundreds of brand name campaigns running through it on a daily basis. Ranked by comScore® as the third largest online video property measured by video ads delivered, Adap.tv reaches over 60 million unique viewers and delivers more than 1.8 billion video ad views monthly.
"We have been closely following the evolution of online video advertising and Adap.tv's game-changing business model stands out from the rest of the competition," said Byron Deeter, Partner at Bessemer Venture Partners. "Adap.tv's proven technology platform brings immediate value to its partners, and has positioned them as the leading marketplace for online video advertising."
Adap.tv builds the technology that makes buying and selling video advertising simple and efficient. The company's products – Adap.tv for Advertisers, Adap.tv for Publishers and the Adap.tv Marketplace – work in harmony to connect video advertising buyers directly to sellers on a single platform. The Adap.tv Marketplace is the industry's largest video marketplace for premium publishers and brand name advertisers, with over 4,200 sites selling inventory and hundreds of campaigns running daily. Based in San Mateo, CA and with sales offices in New York, Los Angeles, Chicago, Seattle and London, Adap.tv is privately held and backed by Bessemer Venture Partners, Gemini Israel Funds, Redpoint Ventures and Spark Capital. For more information, please visit http://adap.tv/.
About Bessemer Venture Partners
Bessemer Venture Partners is a global investment group with offices in Menlo Park, Cambridge, New York, Mumbai and Herzliya. Among the oldest venture-capital practices in the United States, BVP has partnered as an active, hands-on investor in Ciena, LinkedIn, Postini, Shriram EPC, Skype, Staples, VeriSign and Yelp. More than 100 Bessemer-funded companies have gone public on exchanges in Canada, India, the U.K. and the United States. Learn more at www.bvp.com and www.bvp.com/india; follow the firm on Facebook at www.facebook.com/bessemervp and on Twitter at http://twitter.com/bessemervp.
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