Internet Profiles Corp. (I/PRO) in Redwood City, CA said it has closed a $7 million round of private financing to support the next stage of growth for the company, including the roll-out of its online advertising management service, Dispatch.
In addition to a new investment from Foundation Capital, existing investors participating in the financing round include Cognizant Enterprises, Gannett, Hearst New Media, Interpublic Group of Companies, Nielsen Media Research, SOFTBANK Technology Ventures, Sutter Hill Ventures, and Trident Capital.
“I/PRO has a unique market position with strong relationships among both buyers and sellers of online media,” said Paul Koontz of Foundation Capital, an early stage venture capital firm with $200 million under management. “This positions I/PRO to deliver what the Internet sorely needs–a reliable end- to-end system that enables ad agencies to easily do business with Web sites.”
The advertising agency services division of the company recently launched Nielsen I/PRO Dispatch, an online campaign management system for agencies. By automating key elements of the online media buying and tracking process, Dispatch will help agencies save significantly on the costs of running campaigns, I/PRO said.
“Our initial investment in I/PRO was an excellent one. The company has achieved the position of the largest auditing and measurement service for the Web. Its successful core business and innovative solutions have put the company at the head of a rapidly growing industry,” said Dave Harkness of Nielsen Media Research.
“This next stage is an important one for the company. As an existing investor it made sense for us to reinvest allowing I/PRO to expand services and take Web marketing to the next level.”