Chango closes Series A Financing - Web publishers to get incremental revenue from new reader-friendly search targeted advertising solution

TORONTO, Oct. 21 /PRNewswire/ - Chango, the web's most powerful search targeted ad solution has completed a $750,000 series A financing round. The investment was led by iNovia Capital with participation from Extreme Venture Partners, both leading venture capital fund managers.

Chango has developed an innovative advertising solution that provides a valuable service to website visitors arriving from search engines by displaying ads that are highly relevant to their past search queries. In contrast to other solutions, loyal readers arriving at the website directly are shown only the high quality content they have come to expect from the publisher. The financing was timed to support an expansion of publisher reach and further development of the Chango platform.

"Chango has a fresh approach to the "behavioral advertising" space that is publisher friendly while at the same time leveraging unique technology to provide better results for advertisers." said John Elton, partner with iNovia Capital. "We are excited to work with Chris Sukornyk, Chango's CEO, a dynamic and successful repeat entrepreneur."

With website revenues under pressure and the challenge of engaging readers, publishers need help growing their business. Chango worked with dozens of web publishers during the development of the service, ensuring it meets publisher revenue goals with relevant advertising.

"Advertising works best when it provides a service to the reader", said Chris Sukornyk, founder and CEO of Chango. "If a reader is searching for something, we help them find it and make money for the publisher."

Currently in limited production, Chango is working with select publishers to increase their revenue without risk to reader loyalty. Publishers can contact the Company and apply directly at http://chango.com. Chango is planning a full launch in November, 2009.

About Chango

Chango is the web's most reader-friendly advertising solution. Chango's innovative solution ensures the right ads are shown to the right visitors at the right time. The result is significant incremental revenue for web-publishers without imposing on loyal readers. For more information, visit http://chango.com and follow Chango at http://twitter.com/changoinc.

About iNovia Capital

iNovia provides venture capital to entrepreneurs who transform innovations into successful companies. The team is comprised of sector experts in information technology, life sciences, and clean tech. In addition, iNovia's extensive network of industry and academic partners provides portfolio companies with unique access to intellectual property. iNovia has $165M under management across two seed and early stage funds. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at http://twitter.com/iNovia

About Extreme Venture Partners

Extreme Venture Partners (EVP) is focused on providing early stage venture capital and management expertise to help propel start-ups into the big-leagues. We work with smart people who have great ideas for disruptive businesses, and the energy and ability to deliver. For more information, visit www.extremevp.com.

SOURCE INOVIA CAPITAL