AdMob raises $12.5m in Series C extension round
More expansion on the way
Mobile advertising firm AdMob has announced that it's raised an additional $12.5 million in its Series C financing round, bringing the total raised in the round to $28.2 million.
The new funding came from Draper Fisher Jurvetson's Growth Fund and Northgate Capital.
The new funds will be used for the same purposes as the rest of the round, which was announced last October: global expansion, technology investment, and more sales and biz dev staff.
"We believe that now is a critical moment for us to cement our leadership position by making the investments that will help us to come out of this challenging economic environment even stronger than when we went in," blogs CEO Omar Hamoui.
"As mobile web and application usage continues to grow rapidly worldwide, and smart phones – from the iPhone to the G1 – gain in market share, we see a real opportunity to expand the mobile advertising market."
Earlier this week, AdMob announced that it was expanding its ad-serving platform to Android, looking to capitalise on its success with iPhone.
