Monday, March 16, 2009

Quattro Wireless rounds up $10M in Series C

By Galen Moore

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Quattro Wireless Inc. has raised a $10 million Series C round, the Waltham-based mobile ad network announced today. Highland Capital Partners and Globespan Capital Partners led the round.

In a press release issued today, Quattro executives said they plan to use the funds to enlarge a global expansion campaign it announced in January. Founded in 2006, the company reported that 1,000 new ad campaigns ran on its network in 2008, and current monthly visitors number 25 million.

The latest round brings the company’s total investment to $28 million. Quattro announced a $12.3 million Series B round in September, 2007, led by Globespan. Boston-based Globespan joined Series A investor Highland, which had led the startup’s $5.7 million round in 2006.

Highland general partner Bob Davis holds a board seat. Globespan is represented on Quattro’s board of directors by executive managing director Andy Goldfarb. The company is led by CEO Andrew Miller, who co-founded Quattro with CTO Eswar Priyadarshan. Miller was a former executive at m-Qube Inc., the Watertown-based mobile marketing channel developer co-founded by Priyadarshan, which sold to California’s Verisign Inc. for $250 million in April, 2006.