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Sporty Ad Network Sportgenic Scores $10M
Sportgenic Inc., which helps sports marketers deliver advertising across sports media Web sites, has closed a $10 million Series B financing.
Adams Street Partners led the funding with participation from previous investors Alsop Louie Partners, KPG Ventures and Greycroft Partners. The amount of the company's Series A was undisclosed.
Chief Executive Robert Tas said the funding will be used to nearly double the company's 42 employee team.
Sportgenic aggregates sports-related sites - social networks, training sites, sports enthusiast sites, sport communities - to let marketers reach audiences of these sites. Since launching in September 2005, Sportgenic has grown to serve ads on more than 400 sites and attracted interest from major brands such as AT&T, Mountain Dew, Nike, Saab, Saturn, Secret and Toyota.
Dave Welsh, partner at Adams Street Partners has joined the board along with Rich Prenderville, global head of brand marketing for Reebok International.
Sportgenic also has hired Kevin Granath as senior vice president of sales. Granath, who most recently served as vice president of business development for IPG's Ansible Mobile, has devoted the majority of his career to sports media. Directly prior to IPG, he worked as senior director for ESPN's international advertising sales, managing global advertising sales for ESPN's international TV, online and wireless assets, with 26 networks in 190 countries.
Tas said the company is experiencing strong revenue growth, but declined to provide specific numbers or a valuation.