Mobile advertising company Nexage announced today it has raised a $10 million round of Series B funding.
The company brokers mobile advertising deals through its Nexage Exchange, a service that allows publishers to sell inventory to potential advertisers using real-time bidding. The company also offers a private exchange service for “premium” publishers and buyers.
Nexage is one of several smaller mobile advertising companies differentiating itself by offering an alternative to traditional mobile advertising networks like Millennial Media, InMobi and Google’s AdMob. Nexage’s closest competitor is MoPub, an Accel-backed mobile advertising startup that also offers a real-time bidding service and a private mobile advertising market.
According to Nexage’s press release, bid volume in the the company’s exchange grew by more than 70 percent a month in 2011. The company currently has more than 300 publishers signed up for its platform, including Zepto Lab and Dictionary.com, and serves 13 billion monthly impressions to 80 million unique users worldwide.
The round was lead by SingTel Innov8, the investment arm of Singapore’s SingTel Group, with participation from existing investors Relay Ventures and GrandBanks Capital. Nexage plans to use the new funding to increase its global reach and its product lineup. According to TechCrunch the new round brings Nexage’s funding total to$14.5 million.