Ballpark Ventures, the European venture firm co-founded by Reuters Venture Capital founder John Taysom, has led a consortium of super angels and VCs in a $500,000 funding round for London-based mobile ad company LoopMe.
The money raised will fund LoopMe’s international sales and business development and continue product innovation for its mobile ad inbox solution, the company said in a statement.
The LoopMe concept was launched earlier this year to address familiar problems for app developers, who need to raise revenue from advertising but find that most ad formats are intrusive, not optimised for phones or tablets, or take users away from their apps.
The LoopMe button claims to have solved all these problems. Users can click on the icon to open up an ‘inbox’ comprising a range of apps and offers that have been socially rated and endorsed by the wider community.
Users can also can interact with several advertisers in one session but are not migrated away from the app itself, and can also hit ‘back’ to return to the game at any time.
UK-based Ballpark Ventures was represented in the deal by Russell Buckley, best known as the first employee and MD International of AdMob, which was sold to Google for $750m.
Buckley is joined by John Taysom, founder of Reuters Venture Capital, which had 16 IPO exits including Yahoo and many successful trade exits; Torben Maajaard, founder of Ciklum and AdQuota; and Peter Barry, the founder of Vodafone Ventures in Silicon Valley and an investor in mobile ad company Amobee, which was sold to SingTel for $321m.
LoopMe was founded by mobile ad industry veterans Stephen Upstone and Marco Van De Bergh, who worked together at Ad Infuse and Nasdaq-listed Velti.
The UK has the highest mobile ad spend per consumer, according to the eMarketer.
LoopMe is now growing internationally and has customers in Europe, US and Asia.
Global mobile advertising will grow from $9.8bn in 2012 to $24bn in 2016, according to Gartner VP Mike McGuire.
“Investors immediately saw the value of LoopMe, and we had a number of different partners interested,” Upstone said in the statement.
“We chose quality of industry experience at the highest level globally and we are thrilled to have secure such high quality investors with experience of building the world’s largest mobile and online ad businesses.”
Russell Buckley added, “Ballpark sees exponential growth ahead in mobile advertising and LoopMe has come up with something genuinely unique and valuable.
“Its LoopMe concept gives publishers great results without changing existing relationships while advertisers get better engagement and results.”
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