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Print Edition StoriesFriday, May 1, 2009
Battery reported to back FreeWheel in $12M third round
By Mass High Tech staff
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Waltham’s Battery Ventures has co-led the new third funding round in FreeWheel Media Inc., a California company that provides ad placement and revenue management software for both video content owners and publishers.
The Series C round, which website PE Hub values at $12 million, was also led by new investor Foundation Capital of California, and Foundation general partner Ashmeet Sidana will join FreeWheel’s board of directors.
FreeWheel calls its platform Monetization Rights Management, which enables online video content owners and distributors to manage their inventory, revenue accounting and ad delivery. The company says it has signed more than 15 content providers, 15 ad networks and distribution partners, and it has grown to 70 employees in offices in California, New York and Beijing.
In February, Battery had an exit when one of its portfolio companies, Chicago-based information lifecycle management developer Applimation Inc., was sold for $40 million to Informatica Corp., a California data integration software firm.
Founded in 1983, Battery also has offices in Silicon Valley and Israel, and it manages more than $3 billion in committed capital, including its current fund of $750 million.
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