Tuesday, August 19, 2008

Battery Ventures helps $13M funding of online advertising play

By Mass High Tech Staff

Waltham-based Battery Ventures has participated in a $13 million Series B round of financing for New York online advertising platform Lotame, according to Lotame officials.

It was a second investment in the company for Battery Ventures, with Emergence Capital Partners leading the funding round and previous investor Hillcrest Management supporting it as well. 

Lotame reported plans to use the financing for marketing, development and product improvements. The company develops CrowdControl, a tool intended for advertisers to take advantage of the participation and user-generated content of online social networks.

Battery Ventures, founded in 1983, operates offices in Waltham, Silicon Valley and Israel.