UberMedia Nabs $8 Million InvestmentMonday, May 5, 2014
Pasadena’s UberMedia, a mobile ad platform maker, has received $8 million from investor Gordon Crawford and Blue Chip Venture Co. in Cincinnati.
Crawford, who retired as portfolio manager at the Capital Group in late 2012, has previously invested in companies like Aereo, Twitter, Dropbox, Pinterest and Square. Blue Chip is a 24-year old firm that’s invested more than $600 million in more than 150 companies.
The pair join UberMedia’s existing investors, including Jim Breyer of Accel Partners, Danny Rimer of Index Ventures, Steve Case of Revolution Ventures and Josh Kopelman of First Round Capital, among others.
UberMedia was incubated at Idealab, whose founder, Bill Gross, serves as UberMedia’s chief executive. Its advertising platform, UberAds, mines geo-location and social data of smartphone users. Most of this metadata comes from people who use the company’s suite of social media apps.
For instance, a beer company may want to target its ads to football fans who follow the NFL on Twitter or have been to NFL stadiums in the last three months. UberAds allows them to find those consumers.
“Leveraging the unique technology we’ve built into our UberAds platform,” said Gross. “We can now target a specific individual device to serve the precise ad or offer to the right person at the right time, making advertisers happier.”
UberAds, which launched a year ago, generates 4 billion impressions a month and reaches 400 million devices globally.
UberMedia said the company grew by more than 300 percent in 2013, and it plans to use the new round to fuel product development and expand its product offerings.