Instagram's App-Based Ad Revenue Is Being Fueled by Money From Startups

45 percent of advertisers received VC funding in past year

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Two years ago, Instagram CEO Kevin Systrom was notorious for personally vetting each and every advertisement that ran on his photo-sharing app. Boy, have times changed. Since opening up a full-blown ad business last fall, Facebook-owned Instagram is pulling in lots of money from more than 200,000 advertisers, including brands that push app-install ads on the platform.

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