Budgeting, Planning & Forecasting

Budgeting, Planning & Forecasting

May 09, 2011

JiWire Raises $20 Million in Series C Funding for Location-Based Advertising

JiWire (News - Alert), a location-based mobile media company reaching the on-the-go audience, has raised $20 million in Series C funding.

With the current funding, total capital raised to date is $45 million.

Officials with JiWire said that the new capital will be used to aggressively extend JiWire's leadership position in location-based advertising.

The areas of growth include broadening its investment in new ad technology and products, pursuing additional M&A opportunities, such as its recent acquisition of NearbyNow, and further expanding internationally, having already entered the U.K. market last year.

Company officials said that the funding round was led by Trident Capital based in Palo Alto, Calif. Existing investors Comcast (News - Alert) Interactive Capital, Draper Fisher Jurvetson, Norwest Venture Partners and Panorama Capital also participated in the financing.

As part of its investment, Trident Capital's John Moragne will join the JiWire board.

"We have focused intently on location as an important tool in delivering relevant and targeted media to mobile users," said John Moragne, co-founder of Trident Capital, in a statement.

Moragne brings a wealth of expertise in location and advertising through his involvement in companies such as MapQuest, Homeaway and Turn.

"We're convinced JiWire has the technology, ad products, partnerships and momentum to be a critical player in the location advertising space for a long time to come," said Moragne.

"We're delighted that Trident Capital has heartily endorsed our leadership position and momentum in location based media," said David Courtney, chief executive officer of JiWire.

"We are in a period of phenomenal growth, leveraging location to transform the advertising market. We have our sights set on enhancing our proprietary data technology, expanding our unique and extensive distribution network and providing revolutionary ad products for our growing client base of leading advertisers to locationize their brands," said Courtney.

In February, TMCnet reported that JiWire, a dealer in connecting advertisers to on-the-go audience, using location-based interactive media channel, released its latest “Mobile Audience (News - Alert) Insights Report” that revealed that location-based ads are driving mobile shopping, after an analysis of location-based media engagement. The report also offers insight about the mobile device landscape and public Wi-Fi trends.

Anil Sharma is a contributing editor for TMCnet. To read more of his articles, please visit his columnist page.

Edited by Carrie Schmelkin

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