Mobile retail advertising company Modiv Media has raised $1.2 million of a $2 million second round of funding, the company has confirmed. Previous investors Ignition Partners and SeaPoint Ventures both participated, CEO Paul Schaut tells us. Modiv Media lets advertisers target coupons and messages to shoppers via hand-held scanners they can use to check out items as they walk around a store. The technology has been adopted at a number of grocery chains, including Stop & Shop, Giant-Eagle, and Roche Bros. Schaut says the new funds will be used to expand the company’s retail footprint and advance its in-store media network. The company raised $8 million in a first round in December 2007. An SEC filing detailing the funding was first noted by Xconomy.
By Joseph Tartakoff