Vungle, a US-based in-app, mobile video advertising technology company, has secured $17m in series B funding led by Thomvest Ventures, the investment vehicle of Peter Thomson, director of media company Thomson Reuters, with participation from existing investor, Crosslink Capital, Google Ventures, the venture capital division of internet search company Google, AOL Ventures, the venture capital division of mass media company AOL, SoftTech VC, and Webb Investment Network.
With the funds, Vungle plans to build a suite of monetization tools for mobile app developers, starting with an in-app, mobile video ad exchange.
“Vungle has proven to be an excellent source of revenue for SEGA,” said Mike Evans, senior director, digital marketing at SEGA of America, Inc. “Based on the solid results we’ve witnessed, we’re confident Vungle will continue to drive innovation in the mobile video advertising industry in 2014 and beyond.”
Zain Jaffer, Vungle CEO, said: “We saw the opportunity to add a great capital partner in Thomvest, so we decided to raise a round, even though the business did not need the money to sustain itself. With this new investment we can aggressively scale across Europe and Asia and build a meaningful technology offering where publishers and advertisers can easily interact and create value.”
Vungle plans to open an office in Berlin and another in Asia.
Vungle has so far raised $25.5m. Previously, in August 2013, Vungle raised $6.5m in a series A funding round led by venture capital and growth equity firm Crosslink Capital, with participation from existing investors Google Ventures, AOL Ventures, seed capital investors 500 Startups and SV Angel, along with individual angel investors.
Vungle was founded in 2012.