Thursday, June 25, 2009

Spark adds to AdMeld’s $8M financing

By Galen Moore

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Boston-based Spark Capital and Colorado-based Foundry Group have reinvested in AdMeld Inc. to the tune of $8 million, the New York-based ad network software company announced.

AdMeld makes software designed to boost ad revenue for online publishers, which works by selecting ads provided by ad networks and screening out undesired ads. In a press release yesterday, the company claimed 500 percent growth in its customer base over the past six months.

AdMeld has opened a UK office and data center and plans to use the funding to accelerate sales and product development efforts, the press release stated.

AdMeld raised its first round in the amount of $5 million from Foundry and Spark last June, according to news reports. Spark general partner Santo Politi has led the firm’s investment in the company. Foundry Group managing director Seth Levine has led the investment for the Colorado firm.

Michael Barrett is CEO of AdMeld, managing the company alongside co-founders Benjamin Barokas and Brian Adams, two former JumpTV executives who serve as chief revenue officer and CTO, respectively.

Spark suffered a blow to its porfolio earlier this year when Verified Identity Pass Inc., a New York-based maker of airport security passes, shut down operations just 10 months after taking a $44.4 million venture round led by Spark.