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NEW YORK Online ad broker BlueLithium said it has closed an $11.5 million funding round led by WaldenVC and 3i.
BlueLithium said it would use the funds to expand in the United Kingdom and to improve its ad-targeting technology. The financing is BlueLithium’s first venture capital infusion since it was founded 14 months ago.
The San Jose, Calif., company competes with ad brokers like Advertising.com and Fastclick. Ad brokers buy remnant ad inventory from publishers, then re-sell it to direct-response marketers while using optimization technology to target ads to customers likely to respond.
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