Jivox Scoops Up $10.7M, New Publishers
ADOTAS – Online video advertiser Jivox announced that it has raised $10.7 million in a series A round of funding and added a gaggle of new publishers to its network.
Jivox launched its video advertising platform in March for mom n’ pop shops to create and deliver targeted ads online. Since its inception, the Jivox Video Network has reached 40 million viewers; it has 300 registered advertisers.
A spokesperson for the company said that advertisers keep coming back for more because “ROI for the video ads has been significantly better than many forms of online advertising. Depending on the video ad format, click-through rates have ranged from 0.3% for standalone unit ads to 2-3% for instream video ads. Our ads also allow advertisers to place promotional materials (e.g. coupons) that can be accessed by clicking on the ad; these provide great ROI for advertisers as end users tend to use the coupons to purchase the product or service being advertised.”
The service also provides smaller advertisers with an alternative to the banner and search ads they would normally be confined to. “Because video advertising is much more effective that traditional forms of Internet advertising, publishers can generate much higher CPM rates from online video advertising opportunities than any other advertising format offered on their sites. Publishers of online video content can dramatically expand their ad inventory and revenue generation opportunities by making in-stream ad spots available through the Jivox service,” said Diaz Nesamoney, founder and CEO of Jivox, in a release.
According to eMarketer, online video is one of the fastest-growing segments of online advertising; viewership in the U.S. is expected to spike from 114 million in 2006 to 183 million in 2011.
Jivox’s funding round was led by Opus Capital, an early-stage VC firm. Helion Venture Partners also participated. The company said it will use the funding to develop its video platform and expand its sales and marketing team. A spokesperson for Jivox said it will likely grow the team by 50% by year’s end.
The new publishers that have joined the Jivox Video Network include Brown Publishing, ExpoTV, AOL India, Sulekha.com and Reliance Entertainment’s Bigadda.com.
Jivox was founded in 2007 by Diaz Nesamoney. The company previously raised $2.7 million in seed money in a financing round led by Opus Capital.
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