The Rubicon Project Raises $21 Million
the Rubicon Project, a company with a mission to automate the large, yet highly inefficient Internet advertising industry, has raised $21 million in total capital with a $15 million follow-on to the $6 million financing the company announced four months ago on October 8.
The new Series B round was led by Mayfield Fund with participation from IDG Ventures Asia; Stanford University; University of California Berkeley; Matt Coffin, founder and former CEO of LowerMyBills.com and Clearstone Venture Partners, the company’s Series A investor. The additional capital will fuel future business growth initiatives including international expansion, strategic acquisitions, research and development and infrastructure required to support the influx of websites signing up for the company’s new ad network optimization service. In past Adotas interviews, CEO Frank Addante said, “the Rubicon Project is solving a serious online advertising problem of efficiency.”
“There is no question this has been a burning problem for websites. In the twelve weeks since our launch, more than 3,000 websites have signed up and we have optimized more than 4 billion ads across 50 of the top ad networks,” said Frank Addante, CEO and founder. “This has never been done before. We have created the world’s first free-flow market between ad networks and websites. Our solution is 4 billion pieces of information smarter today than when we started. And now with the additional financing, we have everything we need to run full force at attacking this global problem; a killer team, a game-changing product and a deep source of capital to continue investing heavily in the research and development of our smart matching algorithms.”
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