AdBrite Announces $23 Million in Series C Funding

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SAN FRANCISCO, Nov. 30 /PRNewswire/ -- AdBrite, the Internet's Ad Marketplace, announced $23 million in Series C venture funding. The current round includes follow-on investment by Sequoia Capital as well as new participation from DAG Ventures and Mitsui Ventures. AdBrite also announced the appointment of Peter Sealey, former Coca-Cola CMO, to the company's board of directors.
The closing of additional blue-chip investment capital crowns a year of expansion and transformation for AdBrite. In the past twelve months, AdBrite launched a real-time auction model and an expanding range of ad formats to deliver transparency and price-efficiency for online advertisers and publishers.

"A steady succession of product innovations -- including BritePic, Full Page Ad, and our new Facebook App Channel -- have fueled AdBrite's rapid growth," said Ignacio Fanlo, CEO of AdBrite. "This additional funding and new board expertise will help accelerate our expansion."

Deloitte's Rising Star program recently named AdBrite the third-fastest-growing young technology company in North America. AdBrite is also the third-largest ad provider in the US, behind only Google and Advertising.com in page-views, according to Comscore's October ranking of advertising networks.

The current round of funding is the company's third. Sequoia Capital led AdBrite's Series A round in 2004, and was joined in 2006 by Artis Capital Management for the Series B.

"We saw from the very beginning that AdBrite's unique platform could bring increased efficiency and transparency to online advertisers and publishers," said Mark Kvamme, Partner at Sequoia Capital. "We are pleased with AdBrite's progress in building the Internet's most transparent and trusted advertising marketplace."

"AdBrite's success to date demonstrates the considerable market demand for new, more effective online ad formats and a simple, efficient way for advertisers to reach engaged consumers on premier mid- and long-tail content sites," said Young Chung, Partner at DAG Ventures. "We're excited to help AdBrite expand on its leadership position and enhance its unique offerings."

Peter Sealey Joins Board of Directors

In a sign of AdBrite's increasing commitment to enabling major brands to advertise online, the company announced the appointment of former Coca-Cola CMO Peter Sealey to its board of directors. While at Coke, Sealey was responsible for the now-famous "Always Coca-Cola" advertising campaign. He also served as President of Marketing and Distribution at Columbia Pictures in the late 80's where his releases include Ghostbusters, La Bamba, Karate Kid, Stand By Me & Tootsie.
For more information, visit http://www.adbrite.com.

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