MoPub Raises Series Seed From Accel, Harrison Metal
MoPub Raises Series Seed From Accel, Harrison Metal For Mobile Advertising Optimization
SAN FRANCISCO ( December 6, 2010 ) – New mobile advertising startup MoPub announced today the raise of a seed round from Accel Partners and Harrison Metal Capital. The company was founded by former AdMob and Google product managers and engineers: CEO Jim Payne, Bryan Atwood and Nafis Jamal. Investors include Rich Wong, Partner at Accel Partners and Michael Dearing from Harrison Metal, who have previously worked with leading mobile companies such as GetJar and AdMob.
MoPub is an ad serving platform for mobile applications and websites, analogous to DoubleClick for publishers. MoPub was incubated in AngelPad, the ex-Googler incubator whose first Demo Day was a few weeks ago, who also participated in the round. The site is still in private beta. CEO Jim Payne said, “We saw first-hand that the mobile industry needs a truly agnostic player that serves ads without a preference of ad network. That is what MoPub is intended to be.”
Mobile-related revenues are still growing rapidly, driven by increasing smartphone penetration as Neilsen reported this week. BIA/Kelsey recently released estimates predicting the US mobile advertising market growing to $3B by 2014. eMarketer also released similar findings a few weeks ago.
Rich Wong, Partner at Accel Partners said, “There’s another wave coming in mobile advertising. Although it’s hard to remember, Android and iPhone didn’t even exist 4 years ago, so with the substantially improved inputs the next 5 years will see another step change of opportunities in mobile advertising .“ Michael Dearing added, “With the deep background of the founders and investors in the mobile advertising space, MoPub is well positioned to understand what publishers need to make the most money from their apps as possible.”
MoPub has been working with Chung-man Tam VP of Products at Booyah. “The MoPub solution is exactly what we need to make sure we are monetizing our apps effectively without compromising the user experience,” says Chung-man. “It also gives us the ability to react to changes in the marketplace or run experimental campaigns without pushing new releases of our app.”
Thomas Korte, the founder of AngelPad, noted: “The growth of mobile monetization is still lagging behind given the explosive growth of mobile apps and web usage. Facebook, for example, has 200 million active users accessing the site on mobile devices, but has virtually no revenue form mobile usage.”
About Accel Partners
Founded in 1983, Accel Partners is a leading venture capital and growth equity investment firm, working with outstanding entrepreneurs and management teams to build world-class businesses. Accel today manages over $6B globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, London, New Delhi, Bangalore and China through our partnership with IDG- Accel.
Accel has helped entrepreneurs build over 300 successful companies, many of which have defined their categories, including Facebook, Groupon, ComScore, AdMob, Atlassian Software, Cloudera, Diapers.com, Getjar, Etsy, Kayak, Macromedia, Modcloth, MetroPCS, Playfish, QlikTech, Rapt, Real Networks, Redback Networks, Riverbed, SunRun, UUNet, Veritas, Walmart.com, and others. For more information, please visit the Accel Partners web site at www.accel.com , or find us on Facebook at www.facebook.com/accel .
About Harrison Metal
Harrison Metal invests in seed and early-stage technology companies led by exceptional entrepreneurs, serving the consumer and small business markets. Based in Silicon Valley and led by Michael Dearing and Erik Rannala, Harrison Metal works closely with founding teams to turn technology into high-impact products that power lasting, successful businesses. The team’s investments include Aardvark, AdMob, DocVerse, Lumos Labs, ModCloth, Polyvore, and Yardsellr.
AngelPad is a startup incubator based in San Francisco. Founded in 2010 by a team of ex-Googlers, AngelPad helps web-technology startups build better products, attract additional funding and ultimately grow more successful businesses. http://angelpad.org