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Adap.tv Closes $13 Million in Series B Round of Funding
Sep 23, 2008 (08:09 AM EDT)
SAN MATEO, Calif., Sept. 23 /PRNewswire/ -- Adap.tv, creators of OneSource, the first platform to help publishers fully monetize their online video content, today announced that it has secured $13M in Series B venture funding. Led by Spark Capital, the Series B round also includes existing investors Redpoint Venture and Gemini Israel Fund. As part of the investment, Spark Capital General Partner Dennis Miller will join the Adap.tv board of directors. Adap.tv will use the financing to accelerate the development of its flagship offering Adap.tv OneSource and its adoption by video publishers and online ad networks.
"Amir and his team have created a technology platform that addresses key pain points for publishers of online video as well as online ad networks," said Miller. "By removing roadblocks that have prevented the growth of online video advertising, Adap.tv OneSource has the potential to open up vast new areas of monetization, and is rapidly delivering on that potential."
The opportunity for online video advertising is significant. According to eMarketer, nearly 67 percent of US Internet users view online video ads at least once a month in 2008 and 129.5 million people will watch online video ads this year. By 2013, an estimated 183 million people in the US will watch online videos.
Following a $10M Series A round led by Redpoint Ventures and Gemini Israel Funds in July 2007, this investment makes Adap.tv one of the best capitalized companies in the video advertising space. Since Adap.tv launched OneSource in April, it has signed partnerships with leading video websites, including BitTorrent, Metacafe, DemandMedia, blip.tv and nearly 300 others. With Adap.tv as the latest portfolio addition, Spark Capital focuses on the conflux of the media, entertainment and technology industries with current investments including, Twitter, Veoh Networks and EQAL.
"We recognized Spark Capital as one of the most knowledgeable and influential teams in the online video world," said Amir Ashkenazi, founder and CEO of Adap.tv. "Today's funding round represents a tremendous vote of confidence in our value proposition and vision to accelerate adoption of online video advertising through our industry leading OneSource platform."
Adap.tv OneSource empowers online publishers to run ads in any format and from any source on their video content, without having to perform multiple ad network integrations or adopt special video serving technology. Publishers using Adap.tv can choose from a wealth of online video advertising formats, such as pre-roll video ads or overlay ads, to maximize revenue and protect the user experience. Ad sources may include the publisher's own sales team or any number of video, display or text ad networks.
Adap.tv is the creator of OneSource, the first platform to help publishers fully monetize their online video content. Based in San Mateo, CA, the company is privately held and is backed by Spark Capital, Redpoint Ventures and the Gemini Israeli Fund.
About Spark Capital
With a deep network that spans technology and media, investing and operations, Spark Capital provides world-class entrepreneurs and revolutionary companies with the resources to succeed in today's marketplace. Spark Capital has $622 million under management, and is based in Boston, Mass. To learn more, please visit http://www.sparkcapital.com .
Web site: http://www.adap.tv/ http://www.sparkcapital.com//