January 16, 2008
Openads Closes $15.5 Million Series B Funding Led By Accel Partners
Announces private beta of a free, hosted version of popular Openads ad serving software
LONDON, January 16, 2008 Openads, the developer of the free, open source ad server now used by more than 30,000 publishers worldwide, today announced the completion of its Series B financing. The $15.5 million investment was led by Accel Partners, with participation from existing investors Index Ventures, First Round Capital, Mangrove Capital Partners and O’Reilly AlphaTech Ventures.
The company will use the funds to accelerate product development and expand its team to support its large publisher community, which is now using Openads to deliver billions of ads daily in over 100 countries around the world. Openads lets publishers take control of their advertising, providing simple, powerful and independent tools to schedule, manage and track online campaigns. The software also supports a broad range of ad formats and advertiser types (including direct advertisers and ad networks such as Google AdSense, Yahoo! and Advertising.com).
The new hosted version will make it even easier and faster for publishers to make more money from online advertising by eliminating the need to run the software on their own servers.
“We are excited to be working with Accel Partners. They have a great investment track record and share our belief in the power of open source software and a passionate publisher community to create real change in the online advertising industry,” saidJames Bilefield, CEO of Openads. “We’re also delighted to announce today the private beta release of the hosted version of our software, delivering on the strong demand for this service from publishers large and small. People interested in finding out more about the private beta program can register their interest athttp://www.openads.org/hosted”
“The rapid growth of the global online advertising market requires the adoption of next generation infrastructure and services for publishers and advertisers alike,” saidAndrew Braccia of Accel Partners. “Openads’ open source heritage and deep global publisher footprint make it uniquely positioned to play a pivotal role in the evolution of the digital media landscape.”
About Openads Openads helps publishers make more money from online advertising. The company provides for free its sophisticated, open source ad serving software, giving website owners everything they need to schedule, manage and track their online inventory. Already used by more than 30,000 publishers in over 100 countries around the globe, Openads software delivers billions of ads every day. Based in London, England, Openads is backed by leading investors including Accel Partners and Index Ventures. More information can be found at http://www.openads.org.
About Accel Partners Accel Partners was established in 1983 with offices in Palo Alto and London, as well as in China via the IDG-Accel partnership. Accel also has a partnership that started in 2000 with Kohlberg, Kravis, & Roberts (KKR) that created the Accel-KKR fund for technology management buyouts. The firm is dedicated to partnering with outstanding management teams to build world-class Internet, software and networking companies.
With over $4 billion under management, Accel Partners has a long legacy of helping entrepreneurs build highly successful companies. Accel has a history of backing category-defining companies, which include Facebook, Glam Media, AdMob, BitTorrent, Brightcove, Macromedia, Real Networks, MetroPCS, and Riverbed. For more information, visit the Accel Partners web site at http://www.accel.com.
Media Contact: Al Duncan 1.626.466.1142 email@example.com