Relay Ventures, the venture capital firm founded by smartphone maker Blackberry, has exited Canada-based ad mediation and monetisation company Fuse Powered through an acquisition by analytics and marketing automation platform Upsight.
Upsight paid an undisclosed sum for Fuse Powered, which began as a mobile game publisher before pivoting in 2012 to concentrate on commercialising its internal monetisation and advertising mediation platform to serve other publishers.
Relay, then known as BlackBerry Partners Fund, led a $2m seed round for Fuse Powered in 2011 that included NFQ Partners. Fuse Powered, which received $500,000 from Government of Canada in 2012, had raised a total of $13m, according to venture capital database CrunchBase.