TubeMogul Receives $20M in Funding, Will Grow Internationally
TubeMogul, a media buying platform for online video, announced that it has taken in $20 million in series C funding. Northgate Capital led the round, which was joined by existing investors Trinity Ventures and Foundation Capital. Northgate's managing director, Tommy Vardell, will join the TubeMogul board of directors.
The funding will let TubeMogul hire more people and improve its technology for worldwide real-time video ad buying.
TubeMogul has so far taken in $35 million in funding. It points out with pride that other video advertising companies that sell around the same number of ads or fewer have taken much more funding, some over $100 million. In the November comScore rankings, TubeMogul was the sixth biggest ad seller in the United States, serving 1.1 billion ads. Only BrightRoll, Google, Hulu, LiveRail, and Adap.tv were ahead of it on the list.
The company will immediately begin opening new international offices in Europe and Asia, hiring additional staff for its engineering, marketing, and sales teams. TubeMogul already has offices in London and Sydney.
TubeMogul launched its real-time bidding platform for video ads two years ago. Last year the company took in $17.8 million in revenue, which is says will double this year. It also added 57 employees in the last six months.
As part of its Asian invasion, TubeMogul opens an office in Beijing and grows its Singapore and Sydney offices.
Partnerships with investors DAC and Omnibus will let TubeMogul bring real-time bidding and advanced targeting to buyers.
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