New York-based ad targeting firm ContextWeb raised $26 million of a planned $30 million fourth round of funding, the company said, confirming a report in PE Hub. Investor Growth Capital led the round and was joined by returning investors Draper Fisher Jurvetson, DFJ Gotham Ventures and Updata Ventures. Savvian Advisors advised on the latest round; ContextWeb has raised $53 million since 2004.
ContextWeb targets ads relevant to the content on Web sites; it also owns and operates the ADSDAQ online ad exchange, which reaches 94 million unique users, according to comScore. The funding will be used to expand ADSDAQ, and hire additional staff.
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