ADOTAS – It may have been SpotXchange’s first trip to the funding fountain, but the video ad network didn’t go home disappointed: it received $12 million in financing from H.I.G. Growth Partners, whose John Kim and Nik Shah will join its board.
SpotXchange, which reached profitability in the beginning of 2010, is consistently ranked as a comScore top five video ad network in U.S. and no. 1 in the U.K., Canada and several other countries. The funding will go toward further development the video network and boosting the current media sales team, as well as expansion of SpotXchange’s international presence with the opening of several new offices.
Also in funding news, content syndication platform and network Mochila finished a Series E round of funding from longtime investors Mission Ventures, the Greenspun Corporation and Jerry Colonna. The company will use the funds to increase its sales and marketing teams.