SpotXchange Secures $12 Million in Funding
Online video advertising network SpotXchange announced today that it closed a $12 million financing round led by H.I.G. Growth Partners. This was the company's first round of financing.
SpotXchange became profitable at the beginning of this year. Executives plan to use the proceeds from this round to grow the company's video advertising network solution and to expand its international presence.
The SpotXchange platform is auction-based, and it makes use of proprietary viewership data and targeting technology to help advertisers spend their campaign money more effectively. The company works to drive campaign lift in key metrics by putting video ads in front of audiences targeted to watch longer, working in real-time on a per-impression basis.
Two members of H.I.G. Growth Partners, John Kim and Nik Shah, will now join SpotXchange's board of directors.
"The video ad network market is exploding, and SpotXchange is prepared to build upon its success and lead the market globally," says Kim, the managing director at H.I.G. Growth Partners. "SpotXchange's rapid expansion to date is indicative of the tremendous value the company provides to publishers and advertisers. Its technology is one of the most comprehensive and robust we've seen in the video ad market, and it has a burgeoning international presence. This investment will enable SpotXchange to continue its aggressive development and maintain its technological edge into the future."
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