Mobile ad technology company Smaato announced Friday that it has completed a $3.5-million first round of financing.
In a competitive field, the San Mateo-based company says it stands out with its SOMA (short for Smaato Open Mobile Advertising) platform, which delivers targeted, in-application ads. The company has teamed up with ad-sales networks including Adconion Media Group and Third Screen Media.
According to Smaato, the new funding includes angel investors from international media, advertising, mobile technology and finance. “We are convinced Smaato is at the forefront of this new marketing opportunity,” said Uwe R. Feuersenger, CEO of Swiss firm Aeris Capital, which participated in the financing. “Mobile advertising will be in hyper growth mode for the coming years and we believe Smaato is one of the leading pioneers in this field with an experienced management team and an excellent track record in the recent past.”
Smaato was founded in 2005 and also has an office in Hamburg, Germany. CEO and co-founder Ragnar Kruse said the new funding will allow the company to “expand our reach within the industry on a global scale.”
VentureWire reported that Smaato will probably seek a larger round of financing in the second quarter of this fiscal year.