Mobile Ad Network Jumptap Closes $27.5 Million Funding Round Prior To IPO

dollar bill, money, cash

Photo: Flickr / Darin House

Jumptap, a mobile advertising network, just announced that it has raised $27.5 million in a financing round.Funding came from existing investors (WPP, General Catalyst Partners, Summerhill Ventures, Valhalla Partners, and Redpoint Ventures) as well as two newbies: Keating Capital and an anonymous “large, institutional investor.”

WPP has been active in new media investment: It just acquired digital shop AKQA and has announced plans to make 40 per cent of its revenues from digital in the next five years. It also had a stake in Buddy Media, recently sold to Salesforce.com

Jumptap claims to reach 107 million U.S. and 156 million worldwide mobile users and 20 billion mobile impressions. The company is growing more than 50 per cent annually and is getting ready to go public.

“We’re focused on expanding our leadership in this surging market, developing our patented technologies in data and targeting, and preparing the company to go public,” said George Bell, Jumptap’s CEO.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.