PaeDae Raises $8 Million, Changes Name

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Santa Monica mobile advertising company PaeDae has secured $8 million in Series B funding, led by a venture capital firm it declined to name, and has relaunched as Mobile Majority.

Previous investors 3G Capital, Grind Games Inc. and Oweing.com Chairman Ed Ojdana also contributed to the new round.

At the same time it announced the capital influx, Mobile Majority said it would offer a new suite of products called “AdKit” and “AdScore.” These services are designed to ensure that a brand’s ads are delivered to the proper Web pages and that mobile users actually see them on their screens. They are also designed to protect against fraud.

Mobile Majority Chief Executive Rob Emrich said the name change was part of its effort to move away from its image as a mobile rewards service and into the much broader market of mobile advertising.

“Rewards have become such a small part of our business,” Emrich said, “We needed a name that signified more of what we’re working on.”

Current Mobile Majority clients include Paramount, Chase Bank and Bayer.

Emrich said the company has now raised $21 million in debt and equity financing.

The new cash will be used to develop technology and lease a new West L.A. office, currently under construction.

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