Peer39 Raises $10.5 Million Third Round
This story was written by David Kaplan.
Semantic ad specialist Peer39 has raised a $10.5 million third round, the company announced. The round was led by Evergreen Venture Partners, which brought along previous backers including Canaan Partners, Dawntreader Ventures, Silicon Valley Bank, and JP Morgan. With this round, the three-year-old New York shop's total financing adds up to $22 million to date. The company plans to use the proceeds to support business development and sales activities.
After a fallow six months, the online ad industry has seen a number of high profile fundings lately. Peer39's round comes right on the heels of similar investments in OpenX, which just completed a $10 million third round of its own, and DoubleVerify, which received a $3.5 million first round. But instead of highlighting the ad network aspects of their business, the companies are built on the promise of targeting and in offering publishers and marketers more relevance and ROI, key selling points in an economy that still remains weak.
Matthew Goldstein, Peer39's COO, will be speaking at paidContent parent ContentNext's EconAffinity conference on June 1.
By David Kaplan