VCs pump another $13m into PubMatic
Nokia Growth Partners (NGP) has led a $13 million round of funding for PubMatic, an advertising platform based in India and US. Existing investors August Capital, Draper Fisher Jurvetson, Helion Ventures and Nexus Venture Partners also took part in the round.
This latest investment brings the total raised by PubMatic to $76 million. Set up in 2006, the company provides a technology platform that helps publishers of websites, videos and mobile apps connect with ad buyers using automated systems. Its clients include eBay, AccuWeather, and Advance Digital.
The company said it would use the new capital to expand its footprint. John Gardner, a partner with NGP, will join PubMatic's board as an observer.
"As the industry approaches a tipping point in the adoption of RTB (real time bidding) and programmatic advertising, the investment from Nokia Growth Partners will enhance our direct market access by plugging into the global NGP and Nokia presence," said Rajeev Goel, co-founder and CEO of PubMatic in a statement.
Meanwhile, The Wall Street Journal reports that PubMatic is working with Credit Suisse and Citigroup on an IPO planned for later this year, which could value the company at more than $1 billion.
This is the latests in a series of investments in Indian software and internet companies that automate the process of trading advertising space using algorithms and analytics.
Last week, Jivox, an advertising technology company which also has operations in India and the US, raised $5.8 million in Series C funding led by existing investor Fortisure Ventures. Last month, Canaan Partners led a INR350 million ($5.6 million) round of funding for SureWaves MediaTech, an Indian TV advertising platform based out of Bangalore.
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