Targeted mobile advertising company Jumptap has closed a $27.5m financing round from existing investors including General Catalyst Partners, Redpoint Ventures, Summerhill Ventures, Valhalla Partners, and WPP, the global advertising giant spearheaded by Martin Sorrell.
Two new investors — Keating Capital and a large, undisclosed institutional investor — also participated in the round, the company said in a statement.
The capital will be used to accelerate growth through additional investments in product and technology development and prepare for a public offering, it said.
Reaching 107 million mobile users in the US and 156 million mobile users worldwide, Jumptap uses its technology and partnerships with third- party data providers to try to understand mobile audiences better.
Over the past year the company has partnered with more than 20 third-party data providers such as Polk, Acxiom, Datalogix, TARGUSinfo, Catalyst, and i360, making Jumptap the first to bring offline data to mobile advertising.
The business has also experienced a surge in the development of its technology patent portfolio, with 29 patents issued and 200 pending. Jumptap also grew its employee base by 50 per cent last year to support its expansion.
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