Sequoia may have told its companies that the good times are over — but apparently not for mobile advertising firm AdMob. AdMob just closed a $15.7 million Series C round led by Sequoia, with participation from Accel Partners, for a total raise of $34.7 million.
Not a bad bet: While mobile advertising is still much more hype than reality, AdMob is doing well. The company served up 4.5 billion mobile ads in September — more than triple its year-ago numbers — via more than 6,000 publishers, including News Corp.’s (NWS) MySpace, CBS News, etc. The company also says it’s cash flow positive.
AdMob will use the money to grow faster overseas, including hiring staff in some markets and adding new language interfaces; investing more in its technology platform; and hiring more sales and bizdev staff.