Ad Buys Data Processor MediaBanks Secures $30 Million Investment
This story was written by David Kaplan.
MediaBank, a provider of media buying tracking systems, has raised $30 million from New Enterprise Associates, according toMediapost. New Enterprise previously raised $10.5 million for the Chicago-based company, which has challenged the more established Donovan Data Systems. The company has received additional, undisclosed funding from private backers as well as its founder, MediaBank CEO Brad Keywell.
The company has been at the center of a dispute between Publicis' Starcom MediaVest Group and Donovan. SMG dropped Donovan last year and decided to go with MediaBank. Donovan then charged that SMG and MediaBank collaborated to use its technology without permission, a charge the two have rejected.
By David Kaplan