Funding in Brief: $10M for Spongecell, $8M for Prolexic
ADOTAS – Rich media ad company Spongecell has raised $10 million of funding in a Series B round. Safeguard Scientifics led the round, which brings Spongecell’s total funds raised to about $14 million. Previous investors to date include Google executive chairman Eric Schmidt, Raptor Capital’s James Pallotta and Bob Pittman’s Pilot Group.
Spongecell creates display ads with interactive functions, including video and social feeds, and like a lot of similar firms, it’s particularly gung-ho about video at the moment. Though it was reportedly struggling financially just a few years ago, CEO Ben Kartzman has cited revenue growth in 2011 of more than twice its 2010 revenue (which was $3.8 million, and Kartzman hasn’t given a specific figure to the 2011 total).
The funding will, according to Kartzman, go towards expanding existing product lines and adding new ones, while building up Spongecell’s staff.
Distributed Denial of Service (DDoS) protection services company Prolexic Technologies announced it’s raised $8 million in funding. Camden Partners led this round. This comes after two funding rounds in 2011, both led by Kennet Partners, netted the company $15.9 million. Camden Partners principal Jason Tagler also joins Prolexic’s board.
DDoS protection ties into a business’ continuity and disaster recovery plan, and Prolexic is rising in that niche. In a statement, CEO Scott Hammack cited 55 percent growth in the last quarter alone, and he pointed out that since the company was profitable in 2011, it didn’t technically need the funding.
According to Prolexic, the new funding will go towards building up its staff, network and services.
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