Tuesday, September 23, 2008

Spark Capital heads $13M investment in online video ads

By Mass High Tech Staff

Spark Capital has led a new $13 million round of investment in California-based online video advertising platform developer Adap.tv Inc.

The round, the second for company, brings its total to $23 million since its inception in 2007. Other investors include California-based Redpoint Ventures and Gemini Israel Funds, which maintains offices in California and Israel.

The deal is Spark Capital’s first investment in Adap.tv. In conjunction with the financing, Spark Capital general partner Dennis Miller will join the Adap.tv board of directors. Miller has also led investments in online media companies such as California-based social entertainment publisher EQUAL Inc., New York-based internet video networks developer Next New Networks Inc. and biometric identity technology developer Verified Identity Pass Inc., also in New York.

Adap.tv will use the financing to accelerate the development of its flagship offering Adap.tv OneSource and its adoption by video publishers and online ad networks, according to a company statement.

Since launching in 2007, Adap.tv has signed advertising partnerships with more than 300 video websites, including BitTorrent Inc., Metacafe Inc., DemandMedia Inc., Blip Networks Inc. and nearly 300 others.

Spark Capital focuses on the intersection of media, entertainment and technology, and counts Twitter, BuzzWire and SendMe as portfolio companies.