Rocket Fuel, a US-based online advertising services company, has raised $50m from a consortium including phone maker Nokia’s corporate venturing unit.
Alongside Nokia Growth Capital in the series D round were venture capital firms Northgate Capital, which led the round and is majority funded by India-based conglomerate Religare Enterprises, Mohr Davidow Ventures, Summit Partners and Cross Creek Capital, and Comerica Bank.
The company, run by chief executive George John (pictured), had previously raised $26.6m and said between 2009 and 2011 that its compound annual growth rate exceeded 325%; including increasing revenue to $45m last year and reaching earnings before interest, tax, depreciation and amoritsation profitability in the final three months.
In April last year, Rocket Fuel raised $6.6m in its series C round at a $160m valuation from a consortium that also included law firm Wilson Sonsini Goodrich & Rosati.
In September, Nokia’s corporate venturing division led the $10m series B round for Rocket Fuel.
Tommy Vardell, managing director at Northgate Capital. “In a dynamic and ever-changing digital marketplace, the rapid adoption and retention of Rocket Fuel’s solutions by top-tier advertisers are a testament to the executive team’s nuanced understanding of digital marketing and the sophistication of Rocket Fuel’s ad delivery services. We are happy to be a part of such a progressive company that is able to dynamically optimize advertising for display, video, mobile and social media simultaneously.”