TidalTV Secures $30M in Funding
Online video advertising company TidalTV has secured $30 million in new financing, thanks to a funding round led by New Enterprise Associates (NEA). Existing investors Comcast Interactive Capital and Valhalla Partners also took part in the round.
TidalTV plans to use the funding to expand globally into new markets in 2011. It also plans to turn its proprietary ad decisioning solutions into multi-screen applications that can be used by advertisers, media agencies, and publishers.
This round of financing is nearly twice the $16 million TidalTV raised in February, 2010.
"TidalTV's visionary product offering capitalizes on current and future market needs unlike any other in the media landscape today," says NEA general partner Patrick Kerins. "NEA is very pleased to continue supporting Scott Ferber and his team as they expand the business to take advantage of immediate opportunities in the rapidly evolving media marketplace."
"I have never experienced such eagerness to invest into the growth of a company by existing investors, so much so that we could not accommodate all the demand. This infusion of capital will advance TidalTV's position as a leader in video-based advertising solutions for advertisers and publishers through investments in premier human capital, expansion into new global markets, and the development of innovative product suites," says Scott Ferber, chairman and CEO of TidalTV.
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