$2 Mil. in NBC Backing for Greystripe Ad Network

NEW YORK Mobile ad network Greystripe said it has banked another $2 million in financing from the venture arm of NBC Universal.
 
The financing by Peacock Equity Fund is an add-on to a $5.5 million Series C round Greystripe closed in the spring. It brings Greystripe’s total backing to $17.6 million. Greystripe has earmarked the funds to continue the expansion of its ad network that matches advertisers with publishers of mobile games and applications.
 
Greystripe has changed course in its business. Originally a publisher of mobile games, it shifted to an ad network model in 2008. The company now has about 1,000 games and applications in its network, running interstitial campaigns for brands like Burger King and Axe. Its ad network reaches about 5 million users, according to Greystripe.
 
The funding extends a relationship Greystripe began with NBCU 18 months ago to distribute its games through NBC properties.
 
Michael Chang, CEO of Greystripe, said the mobile ad industry is finally poised to take off with brand advertising thanks to the creative possibilities on devices like the iPhone.
 
“For brands, reach hasn’t been the big question,” he said. “For them it’s [a question of] how interactive the ad is.”
 
Greystripe boasts that its full-screen interstitial ads, which appear between levels of games like Lemonade Tycoon, boast interaction rates of 4 percent.