Fastclick Secures $75 Million in Venture Funding
The Series A investment will be spent on expansion and for operating expenses.
Fastclick secured a $75 million round of funding from three investors: Highland Capital Partners, Oak Investment Partners and The Walt Disney Company’s Steamboat Ventures capital investment arm.
The five-year-old online marketing services player used part of the capital to repurchase some of the company’s common stock. The balance, according to CFO Fred Krupica, will be spent on working capital needs and strategic initiatives, including acquisitions.
The investment round comes as DoubleClick said it is considering looking for a buyer for some or all of its businesses. Krupica did not rule out that the company would consider acquiring some of DoubleClick’s assets.
“Fastclick holds a leadership position in what is projected to be a $15 billion industry,” Bob Davis, partner with Highland and the founder and former CEO of Lycos, said in a statement. “We believe Fastclick’s ability to provide results-driven solutions for online marketers bodes well for [its] future growth and continued success.”
This is the first round of venture funding for Fastclick, which has previously relied on investments from its founders and their associates.
