Medialets Closes $4 Million Series A Financing Round for Mobile Application Advertising and Analytics Platform
Medialets serves thousands of publishers and advertisers as the mobile application market continues to grow exponentially
NEW YORK, New York. – May 12th, 2009 – Medialets, the leading analytics and ad technology platform for next-generation mobile applications, has today revealed that they have closed a $4 million Series A financing round led by investor Foundry Group, with participation from DFJ Gotham and strategic investor Bobby Yazdani, early investor in Google.
Founded in June 2008, Medialets is the most widely deployed rich media advertising and analytics platform for mobile applications built for iPhone and Android with support for BlackBerry, Windows Mobile, Symbian and Palm Pre devices coming in 2009. The company develops technologies that enable publishers to measure their audience and monetize their applications through advertising and allow brands to leverage all of the capabilities unique to these devices into advertisements in a completely measurable environment, whether a user is on- or offline.
“Medialets entered the market at the inception of the new generation of the mobile application space, and we are proud to have been able to help foster and grow the market by providing tools and support to the developer community. Over the past year, Medialets has become the trusted partner to over 1,000 leading developers. Through this investment, we’ll focus on significantly enhancing the platform they use to gain a competitive edge and continue to win market share,” said Eric Litman, Chairman and CEO of Medialets. “We’ve accomplished a great deal in a short period of time, and are thrilled to now bring in partners who are just as passionate about the business as we are to help us grow to the next level.”
Medialets launched on July 11th, 2008, the same day as Apple’s App Store, has been installed over 60 million times across over 15 million unique devices to date, and measures usage in many of the top 20 highest downloaded applications on the iPhone platform based upon data released by Apple in April 2009. On the measurement side, Medialets primarily works with large developers and media publishers who look to the company’s analytics product, Medialytics, as a business intelligence tool to help them make informed decisions around improving app strategy and performance. Medialets does not collect any personally identifiable information from users. The data gathered from the analytics product is anonymized and applied to improve the advertising experience and targeting capabilities for advertisers.
The Medialets ad platform solves a core set of challenges successful publishers and developers face when deploying a mobile application. Medialets’ ad technology makes it possible to target and serve rich media ads to millions of smartphone users worldwide immediately, whether those ads are sold in-house or come from a third party. The company’s unique ad formats let brands and agencies create engaging ads that deliver the power of a branded application with the immediate distribution of an ad. Publishers add Medialets’ analytics code to their application and Medialets provides the infrastructure on the server side for aggregating and reporting on usage, as well as for reliably delivering ads into enabled applications. The rich media ads can include video, animation, sound and other advanced functionality.
“Although this is a very young sector, we believe that Medialets has the management team, experience and traction in the market to be the clear leader in the space,” said Seth Levine, partner at Foundry Group. “We look forward to working closely with Eric and his team to solidify Medialets’ lead in the market and continue to innovate and push the boundaries around what is possible in mobile advertising.”
For more information about Medialets, please visit www.medialets.com.
Medialets is a New York City-based rich media advertising and analytics platform for native applications on devices such as iPhone and Android. Medialets works with agencies and brands to define and deploy innovative ad campaigns that tap into all of the capabilities of the iPhone. Medialytics, Medialets’ free analytics and reporting solution, is the leading analytics and advertising solution for the world’s most downloaded iPhone applications. Medialets is a privately-held company with offices in New York, NY and San Francisco, CA. Email us at email@example.com and follow us on Twitter at www.twitter.com/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.
About Bobby Yazdani
Bobby Yazdani is the founder and CEO of Saba. He founded Saba in 1997. Today, Saba, with over $100M in profitable revenue is headquartered in Redwood Shores, Calif., is the premier global provider of strategic human capital management. Saba’s people platform are used by more than 17 million people worldwide. Prior to founding Saba, Bobby held various senior R&D management positions at Oracle Corporation. He has successfully mentored and invested in many early stage start-ups including Clearspring, Dropbox, Google, HotPrints, Salesforce.com, Social Gaming Network, Webs.com and Masimo. Bobby has a BA in Applied Mathematics from the University of California at Berkeley.
VP Marketing, Medialets