It is official -
Proceeds will be used to continue to expand its leadership in the market for behavioral targeted online advertising
Vancouver, British Columbia and San Francisco, California - August 1, 2007, Adzilla Inc. is pleased to announce that it has successfully completed a USD $10.25 million Series A financing from two Silicon Valley venture capital firms, Norwest Venture Partners and Alloy Ventures.
Since its founding in 2004, Adzilla has completed product development and successfully deployed its product with eight (8) internet service providers. The proceeds from the financing will be used to expand its subscriber network, continue its research and development to enhance current products, develop new product offerings, and establish a San Francisco Bay Area office. Adzilla will be looking to increase its staff in technology, product development, media sales, and general operations.
"Norwest Venture Partners is excited to be investing in Adzilla," stated Sergio Monsalve of Norwest Venture Partners. "Adzilla has the potential to revolutionize the world of online advertising by establishing itself as the best platform for action-based behavioral targeting."
"We are excited about having such outstanding partners join Adzilla. This is a critical milestone in the history of Adzilla as we move from a development company to a profitable business," commented Adzilla President John Farlinger. "To date, service providers have been shut out of the $18 Billion internet advertising market, while continuing to have the best access to consumer behavior. Our turnkey solution will allow them to meaningfully contribute to the advertising targeting process and financially participate in this growing market."
Ammar Hanafi of Alloy Ventures and Sergio Monsalve of Norwest Venture Partners will be joining the Company's Board of Directors.
About Adzilla Inc.
Adzilla Inc. is a Delaware corporation with its headquarters in the San Francisco Bay Area. Its subsidiary, Adzilla Canada Inc. operates in Vancouver, British Columbia. Adzilla operates the leading technology platform that enables internet service providers to deliver targeted advertising based on action-based behavioral and demographic information to publisher sites and advertising networks. Adzilla has patent-pending proprietary processes, which are focused on generating advertising revenue for the ISPs using information found in ISP subscriber browsing streams. For more information about Adzilla, please visit www.adzilla.com or (604) 628-4354.
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a global venture capital firm that has actively partnered with entrepreneurs to build great businesses for more than 45 years. NVP focuses on investments in information technology including: semiconductor and components, systems, software, services and consumer/Internet technologies. The firm currently manages more than $2.5 billion in venture capital out of its office in Palo Alto, California, USA. NVP has funded over 400 companies since inception, including Extreme Networks, Tivoli, Peoplesoft, and Cerent. NVP has invested in more than 20 cross border companies. Additional information on Norwest Venture Partners is available at www.nvp.com.
About Alloy Ventures
Alloy Ventures is an early-stage venture capital firm with over $1 billion under management. They have helped start and cultivate more than 200 successful companies in the fields of information technology and life sciences including such leading companies as Amgen, AMCC, Applied Biosystems, Aspect Communications, CV Therapeutics, Favrille, IDEC Pharmaceuticals, Nuance, Octel, PMC-Sierra, Red Brick Systems, Remedy and Verity to name a few. For more information, visit www.alloyventures.com.
(originally reported July 24 by PEHUB.com reports that Adzilla Inc., a Vancouver-based online advertising startup, has raised US $10 million in Series A funding, according to a regulatory filing. Backers include Alloy Ventures and Norwest Venture Partners.)