AdMob Raises $12.5 Million More For Mobile Ads
Silicon Valley-based mobile ad network AdMob tripled the number of ad impressions it's served in the last year, and was profitable in December. But it's raised $12.5 million more in financing to keep growing rapidly, it's announcing today.
Leading the investment: Draper Fisher Jurvetson's Growth Fund and Northgate Capital. The new financing brings the company's series C round to $28.2 million. (Last October, it announced $15.7 million in funding, led by Sequoia.) AdMob has now raised a total $47.2 million.
AdMob plans to spend the money hiring staff in "key" overseas markets, with an emphasis on Western Europe, India, South Africa, and Japan; investing more in technology; and hiring more sales and bizdev workers in the U.S.
An AdMob rep declined to offer revenue stats. But the company says the mobile ad market is holding up in January -- seasonally slower than December, as expected -- but nothing dropping off a cliff.
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