More NewsAdauction.com Secures More Than $7 Million in Financing

Adauction.com Secures More Than $7 Million in Financing

San Francisco-based Adauction.com said it has secured morethan $7 million in financing, with Convergence Partners signing on as the leadventure capital investor.

San Francisco-based Adauction.com said it has secured more than $7 million in financing, with Convergence Partners signing on as the lead venture capital investor.

Other financiers include Geneva Partners, b/z partners, Silicon Valley Bank, the Band of Angels and numerous private sources, including Compaq Computer chairman Ben Rosen.

Convergence Partners primarily invests in digital media and information technology companies.

“Adauction.com’s business model, based on creating market efficiencies for Web publishers and advertisers, has made a real impact on the online advertising industry,” said partner Eric Di Benedetto. “The company has quickly built a reputation for providing unmatched customer service–a strong factor in our decision to partner with them.”

The funding will be used to grow Adauction.com’s product development, technology infrastructure, sales and marketing programs, the company said. To date, the company has raised $10 million.

“Our investors and customers are very optimistic about the company’s long-term prospects to lead the market for buying and selling media online,” said David Wamsley, Adauction.com president and CEO. “Since our inaugural auction in February, we’ve gained much market momentum, continuing to dramatically increase our customer base and monthly sales. We expect 1999 to be a banner year as we extend our product offerings and break new ground in this high- growth market.”

Adauction.com represents more than 120 Web publishers that supply ad inventory, including Netscape, Match.com, Biztravel.com, XOOM.com, HotBot and Spinner.com. The company operates several types of auctions for media buyers.

Related Articles

GDPR: The role of technology in data compliance

Data & Analytics GDPR: The role of technology in data compliance

3w Clark Boyd
What companies can learn from the We-Vibe lawsuit about the Internet of Things

Legal & Regulatory What companies can learn from the We-Vibe lawsuit about the Internet of Things

8m Al Roberts
Has advertising arrived on Google Home?

Media Has advertising arrived on Google Home?

8m Al Roberts
Is Twitter slowly dying?

More News Is Twitter slowly dying?

9m Al Roberts
FedEx launches fulfillment service to take on Amazon

Ecommerce FedEx launches fulfillment service to take on Amazon

9m Al Roberts
Target is the top retail digital marketer, so why is it struggling?

Ecommerce Target is the top retail digital marketer, so why is it struggling?

8m Al Roberts
YouTube is "on pace to eclipse TV" thanks to savvy algorithm use

More News YouTube is "on pace to eclipse TV" thanks to savvy algorithm use

9m Al Roberts
YouTube is getting rid of 30-second unskippable pre-roll ads

Ad Industry Metrics YouTube is getting rid of 30-second unskippable pre-roll ads

9m Al Roberts