Extreme Reach Closes $9 Million Series B Financing
Initial Investors Look to Build on Current Market Momentum and Fuel Expansion
NEEDHAM, Mass., June 23 /PRNewswire/ -- Extreme Reach, Inc., a leading provider of digital video advertising distribution solutions, announced today that it has secured $9 million in Series B financing comprised of $7 million in equity and $2 million in term debt. The round was led by Village Ventures, an original investor in the company and also included capital from Greycroft Partners and Long River Ventures, also Series A participants.
Extreme Reach was established in 2008. Since its inception, the company has established a vast digital network of 12,500 media properties, including 4,500 TV properties for the delivery of SD and HD television advertising, and built a client-base that includes several hundred brands, ad agencies and production companies.
The Extreme Reach senior management team is made up of executives who previously founded and built FastChannel Network, a privately held advertising distribution "software as a service" company. The team sold the previous company in 2006, and has regrouped to establish a more advanced model of commercial distribution.
Michael Barach, an Extreme Reach Board member and Venture Partner at Village Ventures commented on the team's unique position. "The specific expertise and understanding of market nuances have armed the Extreme Reach management team with a rare ability to solve real problems for advertisers and agencies. And the industry has definitely taken notice. We're very pleased to continue to invest in this team."
"The advertising distribution business is highly specialized. It's a difficult industry to crack due to major barriers to entry including entrenched customer relationships, extensive domain expertise, and the capability of building a large digital video network," added Ian Sigalow, of Greycroft Partners. "In the last few months Extreme Reach has won a number of Fortune 500 accounts, including five of the largest advertisers in the US. The Series B financing will enable the company to accelerate and build on that momentum."
Extreme Reach has established a pattern of releasing new features and capabilities every two weeks. New system enhancements are usually initiated by client requests and ideas for eliminating manual advertising process steps.
Tripp Peake, Managing Partner of Long River Ventures cited the company's unremitting software development program as an additional success component. "Extreme Reach serves an industry that is long overdue for workflow improvements. For the first time in years, television advertisers are able to continually apply real innovation and efficiency to the way they manage and deliver their advertising. In this economy, that's a catalyst for real growth."
About Extreme Reach
Extreme Reach is a leading provider of video advertising distribution solutions. The company's unique pure-digital ad delivery model connects hundreds of post-production houses, advertisers and agencies with thousands of media destinations and simplifies the management, delivery and tracking of ad campaigns across video media, including TV, web, cinema, outdoor, and mobile. Extreme Reach is a privately held SAAS company led by an experienced executive team from the traditional and interactive media industries. Company headquarters are located in Needham, MA, with offices in New York, Chicago, Los Angeles and Louisville, KY. For more information, please visit www.extremereach.com.
About Village Ventures
Village Ventures is a seed and early stage venture capital firm focusing on three primary sectors: consumer media and retail, health care and financial services. The firm's strategy is to partner with leading entrepreneurs creating innovative products and solving complicated problems in those industries. For more information, visit www.villageventures.com.
About Greycroft Partners
Greycroft Partners, based in New York City, is a venture capital partnership formed to invest in promising digital media companies. The firm's $75mm fund includes participation from leading corporate executives around the world. Greycroft also leverages an extensive network of media and technology connections to help investees gain visibility, build strategic relationships, and successfully bring their products to market. Greycroft's portfolio companies benefit from active, hands-on assistance in all phases of expansion. For more information, visit www.greycroftpartners.com.
About Long River Ventures
Long River Ventures invests in seed and early stage companies in healthcare, IT, and other technology-driven sectors. Formed by a group of experienced entrepreneurs and venture capitalist, Long River is designed and structured to invest smaller amounts of capital with typical investments ranging from $500,000 to $2MM. Long River has offices in Western MA (Amherst), Central MA (Worcester), and Boston. For more information, visit www.longriverventures.com.
SOURCE Extreme Reach, Inc.
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