BlueLithium, an Internet performance based advertising network, announced that it has closed a Series A financing totaling approximately $11.5 million. The investment was led by WaldenVC and 3i.
The funds will be used to expand advertising sales operations globally, most immediately with a UK presence, and to further deploy BlueLithium's optimization technology.
Founded in 2004, BlueLithium says it is already profitable and operating at a multi-million dollar run rate. Its network includes over 1,000 sites and delivers several billion impressions per month. In December 2004, it reached over 100 million unique users worldwide.
"With many financing opportunities on the table, we chose to take the funding that best aligned with our overall business objectives, from financiers who share the vision of creating industry leaders," said Gurbaksh Chahal, founder and CEO of BlueLithium. "We wanted investors who added value beyond their dollars. WaldenVC and 3i recognize the value of our network and unique optimization technology and they will open doors to the worlds' leading brands."
Steve Eskenazi, a general partner at WaldenVC, will become a BlueLithium director. Eskenazi said, "Since we focus on digital media investments, we have seen many companies in the online advertising and marketing space. With its AdRevolver optimization technology and its long list of satisfied customers, BlueLithium immediately stood out to us as a company that has the opportunity to build long-term, sustainable advantages over its competition."
David Silverman, partner at 3i who will also join BlueLithium's board of directors, said, "Blue Lithium's market-leading technology, rapidly expanding base of large advertisers, and exceptional results made BlueLithium a very attractive addition to our portfolio."