A $5m series B round of funding for online advertising sales company, iSocket, was led by Time Warner Investments. Others that took part included Condé Nast, R&R Venture Partners- a fund formed by former Time Warner Chief Executive Officer Dick Parsons and Ronald Lauder, and investor Vivi Nevo.
The investment will undoubtedly give the investors greater insight and access to online advertising sales tools and technology since the business works closely with publishers and advertisers. iSocket sees the investment as a public endorsement of its product, since Time Warner and Condé Nast are among with world’s largest publishers on and offline.
iSocket’s technology automates the sales process between the publishers and advertisers, which is very time consuming.
Alongside this latest investment, the company is launching iSocket for Advertisers, an ad-buying tool for agencies and brands. It has also announced the new hire of Kevin McCabe, a former advertising executive at Microsoft, as vice president of business development.
Since the company was established in 2009 it has raised $15.1m. Other investors include Accelerator Ventures, Blumberg Capital, Draper Fisher Jurvetson (DFJ), Foundry Group, Timothy Draper, SoftTech VC, and angel investors including David Cohen, Arjun Sethi and Hon Wah Chin, to name a few.