Tuesday, May 11, 2010
Ad.ly Raises $5M
Los Angeles-based Ad.ly, the Twitter advertising firm headed by Sean Rad, is announcing today that it has raised $5M in a new round of financing. The round comes from GRP Partners, Greycroft Ventures, and Matt Coffin, the founder of LowerMyBills. The firm also said that it has named Arnie Gullov-Singh as CEO of the company. Singh was most recently EVP of Product, Technology, and Operations at News Corp.'s Fox Audience Network.
Sean Rad, founder of Ad.ly, told socalTECH that the company will be using the new funding round to scale its business, and field the impressive demand the firm has been seeing. Rad explained that the company now has 70,000 publishers reaching 45 million people.
"The stream is the emerging interface we are using to digest content and information online"," Rad said, explaining that Ad.ly is "singularly focused" on monetizing the stream with ad units, wherever the stream exists. Mark Suster led GRP's investment in the company, with Dana Settle leading Greycroft's involvement.