JumpTap has successfully positioned itself as the hub of the mobile advertising ecosystem and demonstrated its ability to attain its goals.
Cambridge, MA (PRWEB) August 26, 2008
JumpTap, the leading mobile search and advertising company, today announced that it has closed a Series D round of funding in excess of $26 million. The investment was led by AllianceBernstein L.P. (NYSE: AB), one of the largest publicly traded global asset management firms in the world with approximately $694 billion in assets under management.
All existing investors also participated in the round including General Catalyst Partners, Summerhill Venture Partners, Redpoint Ventures, Valhalla Partners, and WPP. This round reflects an increase to shareholder value and supports the ongoing growth of the organization and its significant position within the mobile advertising ecosystem.
"Internet advertising is currently growing at a compound annual rate of 18.3% and will reach $73 billion in 2011. What is really exciting about mobile advertising is its ability to eclipse Internet advertising," said Dan Olschwang, President and Chief Executive Officer of JumpTap. "We have seen firsthand that mobile advertising is a viable mass medium - a fact which is reflected by our significant growth and numerous recently announced deals."
Olschwang also commented, "The closing of this round by these prestigious investors during a tight financial credit climate sends a strong and positive message about their confidence in the growth potential of mobile search and advertising and our ability to execute on our long-term vision. We are truly excited as to the value our new investor AllianceBernstein brings to the table."
The funding will be used to further develop JumpTap's powerful mobile search and advertising solutions and to continue expansion of its global ad sales and operations divisions to meet increased demand from advertisers. According to eMarketer¹, worldwide spending on mobile advertising topped $2.7 billion last year and is expected to rise to $4.8 billion in 2008 and to $19.1 billion by 2012. More ubiquitous than PCs and with more than 3.3 billion devices in use today, mobile presents an unparalleled opportunity to deliver personalized, relevant messages and to engage users at an unprecedented level of interactivity. These figures indicate a significant growth opportunity for JumpTap.
"JumpTap is uniquely positioned to drive mobile search and advertising innovation and adoption by leveraging its carrier relationships and mobile search legacy to drive targeted advertising. The company's broad and deep experience and interactions with advertisers, publishers and key stakeholders in the industry have uniquely positioned them not only to succeed but to lead an entire industry and define the way mobile advertising should be delivered," said Mark Mackenzie, Vice President and Head of Digital Media Venture Capital investing at AllianceBernstein. He adds, "JumpTap has successfully positioned itself as the hub of the mobile advertising ecosystem and demonstrated its ability to attain its goals."
Founded in 2004, JumpTap has quickly established itself as a driving force in mobile search and advertising innovation. The leadership team was first to recognize the potential disruption mobile devices would have across traditional mass media platforms. In response, fully integrated search and advertising solutions were developed that use insight from search behavior combined with operator data to deliver the most targeted and tailored mobile ad delivery system available. Coupled with comprehensive premium mobile content channels, including communities, entertainment and portals, advertisers can reach the highest quality relevant audience to achieve above average response rates and maximize revenue opportunities.
"It's an incredibly gratifying experience, being a part of a company from its inception and watching it develop and cross major milestones," said John Simon, Founder and Chairman of JumpTap and Managing Director at General Catalyst. "We recognize that JumpTap is a true market trailblazer and believe in its future. Having a top tier firm like AllianceBernstein join the fold further strengthens JumpTap's ability to prepare for future growth and success."
Publishers and media companies look to JumpTap to streamline sales to brands and agencies and the structure to grow their mobile business on. By building the most relevant mobile experiences for the consumer, JumpTap is capitalizing on the opportunity by enabling advertisers, publishers and carriers alike to ensure a profitable position in the mobile advertising ecosystem. This cutting-edge approach has sparked a wave of recent successes that includes significant deals with leading names such as NBC Universal, Fox Mobile Entertainment, US Cellular and other carriers as well as the recent openings of new offices in Madrid, Stockholm, and New York City. The new offices will help to accommodate JumpTap's expanded mobile ad sales force, which has grown by 600 percent in 2008 alone.
Reaching over 150 million mobile subscribers through partnerships with 17 mobile operators and numerous content publishers, JumpTap's powerful search and advertising solutions benefit the whole mobile Internet ecosystem: JumpTap enables carriers to maintain a strong, sustainable position in the mobile value chain, drives traffic and revenue opportunities to content publishers, and gives advertisers access to targeted customers. Recently awarded the best advertising and marketing search engine award by Visiongain and selected by IDC as one of the 10 emerging mobile players to watch in 2007, JumpTap has developed the most comprehensive search and advertising solutions in the market. For more information, please visit http://www.jumptap.com.
AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional clients, individuals and private clients in major markets around the world. AllianceBernstein employs more than 500 investment professionals with expertise in growth equities, value equities, fixed income securities, blend strategies and alternative investments and, through its subsidiaries and joint ventures, operates in more than 20 countries. AllianceBernstein's research disciplines include fundamental research, quantitative research, economic research and currency forecasting capabilities. Through its integrated global platform, AllianceBernstein is well-positioned to tailor investment solutions for its clients. AllianceBernstein also offers independent research, portfolio strategy and brokerage-related services to institutional investors.
¹eMarketer: US Mobile Advertising Spending 2007-2012 March 2008
The Conversation Group
denise @ theconversationgroup.com
Julie.ginches @ jumptap.com