US-based advertising technology company Appssavvy has on Wednesday raised $7.1m in its extended series A round from media companies including AOL as a new investor.
AOL through its corporate venturing unit AOL Ventures joined publisher the New York Times Company, venture capital firm True Ventures angel investors Scott Kurnit (chief executive of AdKeeper) and Howard Lindzon (chief executive of StockTwits) in backing Appssavvy. The existing investors had previously provided $3.1m to the portfolio company.
Chris Cunningham, co-founder and chief executive of Appssavvy, said: "Following the lead of the social space, especially social games, web publishers have identified the need to make their properties a more active, rather than passive, experience. This will create new activity ad inventory and opportunities for our vision and the adtivity by appssavvy platform, but more importantly better display advertising that reaches people when they’re most engaged and as part of what they’re doing."