Medialets Announces $6 Million Series B Financing Round

Funding enables firm to bring greater scale to mobile rich media ad offerings for agencies & advertisers

NEW YORK--(EON: Enhanced Online News)--Medialets, the most widely deployed cross-platform rich media advertising provider for mobile, today announced the closing of a $6 million Series B financing round led by investor Foundry Group, with participation from DFJ Gotham, 500 Startups and Chris Saridakis. Medialets will use the funds to expand the capabilities of its mobile rich media ad platform and supporting tools in order to bring rich media ads to the broadest range of advertisers possible.

“Medialets was founded in 2008 on the understanding that mobile would unleash a powerful engagement opportunity for advertisers”

“Medialets was founded in 2008 on the understanding that mobile would unleash a powerful engagement opportunity for advertisers,” said Medialets CEO Eric Litman. “Since then, not only has Medialets enabled the industry’s most compelling mobile rich media for premier publishers, agencies and brands, we’ve also built out a one-of-a-kind cross-platform infrastructure that brings greater efficiency and scale to mobile rich media campaigns. This Series B funding allows us to continue to evolve the Medialets’ platform to meet the phenomenal demand for high-value mobile rich media.”

Since its inception in June 2008, Medialets has pioneered the creation, delivery and measurement of the most highly engaging rich media ad formats for mobile. In 2009, Medialets created and served the world’s first rich media ad for mobile apps. Earlier this year Medialets followed up on the release of its Universal SDK for iPhone and iPad with the launch of Android advertising support, making Medialets the first provider of cross-platform rich media ads for mobile apps. More recently, Medialets introduced Medialets Enrich, a partner program that significantly reduces the complexity of mobile advertising for buyers by enabling them to deliver and measure the same creative campaign on different mobile platforms and across Medialets’ partner ad networks, mediators and ad servers.

“Medialets has set the standard for creative and technological innovation in mobile rich media,” said Seth Levine, Managing Director of Foundry Group, Medialets lead investor. “By providing a scalable platform that uniquely addresses the challenges of mobile for both publishers and brands, Medialets has staked out its position as market leader early in the game and will continue to be a driving force in the rapidly growing mobile advertising market.”

A world-class executive team, assembled within the past year, has spearheaded Medialets’ tremendous growth. Keith Gelles, co-founder of PointRoll, joined Medialets as Chief Technology Officer in July 2009 and Aaron Mittman, a former executive at Panther Express and DoubleClick, joined the team in September 2009 as Vice President, Global Sales. More recently, Andrew Eisele, formerly of TargetSpot, joined Medialets as the company’s first Chief Financial Officer. The executive team is supported by an advisory board that includes Greg Tagaris, former CIO DoubleClick, Andy Ellenthal, CEO Peer39, Ari Paparo, Executive VP Product Leadership at Nielsen and former Group Director of Advertiser Products at Google, Shervin Pishevar, Chairman SGN, and Colin Crawford, former CEO MacWorld/PC World.

For more information about Medialets, please visit www.medialets.com.

About Medialets

Medialets is the most widely deployed rich media advertising solution for mobile. Medialets brings unprecedented scale to mobile rich media campaigns by enabling the delivery and measurement of the industry’s highest-impact rich media across the broadest array of top tier iPhone, iPad and Android apps. NPR, The New York Times, Variety and The Washington Post are just some of the top publishers that have enabled Medialets’ cross-platform rich media. Medialets’ high-value formats are also available via leading ad networks, ad mediators and ad servers through a preferred partner program, Medialets Enrich™. Based in New York City, Medialets is a privately held company with marquee investors and a world-class team. Visit www.medialets.com, email [e-mail], and follow Medialets on Twitter @medialets.

About Foundry Group

Foundry Group is a venture capital firm focused on investing in early-stage information technology, Internet, and software startups. In addition to providing the necessary venture capital to get a company up and running, Foundry Group is committed to leveraging their experience in starting and growing companies, expertise in the technology industry, and network of relationships to help great entrepreneurs turn great ideas into great companies. Foundry Group is based in Boulder, Colorado, and invests in companies located across the United States. For more information, visit www.foundrygroup.com.

About DFJ Gotham

DFJ Gotham Ventures is an early-stage venture capital firm based in New York City focused primarily on early-stage information technology companies on the East Coast. DFJ Gotham Ventures partners with extraordinary teams of entrepreneurs to build strong and successful businesses that make a huge impact in their industries. DFJ Gotham Ventures takes pride in being an active partner, leveraging its experience, knowledge and relationships to provide substantial value to its portfolio companies. DFJ Gotham Ventures is proud to have backed such category leaders as Massive (acquired by MSFT), XOsoft (acquired by CA), Q-Link (acquired by Adobe), Mimeo.com, ContextWeb, Worktopia and Drop.io, among many others. For more information, please visit www.dfjgotham.com.