According to Imran Kahn, analyst for J.P. Morgan, mobile display advertising is expected to grow by 81% from $140 million in 2009 to $253 million in 2010. Todacell, the mobile ad optimization network based in Tel Aviv, has announced a second funding round of $1 million, led by AfterDox, the company’s previous backers. The proceeds of this round has been earmarked for sales and marketing as well as five new sales offices in New York, Los Angeles, Toronto, London & Bombay.
Todacell matches ads from the client’s inventory based on user data, location, time, and the performance of ad campaigns on that publisher’s mobile website or application. The company says it only works with a select group of premium publishers, including Fring, MobiLuck, Mocospace and TuneWiki, which enables them to get better conversions for the advertiser.
The TodaCell marketing team also pointed out that mobile ads aren’t only running on mobile phones. Think iPad, Kindle, hand-held gaming devices, etc. Todacell has successfully run campaigns on hand-held gaming devices for Orange (telecom) in Europe, and expect more announcements soon.
As an exit strategy, TodaCell is looking for a trade sell, following the major acquisitions of mobile advertising platforms in the last 5 months: Google -AdMob, Apple-Quattro Wireless and Opera acquired AdMarvel.
To date, Todacell has secured $2 million from AfterDox and others, including $350,000 seed funding from the Fore Group. In June 2009, VC Cafe exclusively posted the $1 million round raised by TodaCell, a Tel Aviv based mobile ad network.
I'm a former general partner at google ventures, head of Google for Entrepreneurs in Europe and founding head of Campus London, Google's first physical hub for startups.
I'm also the founder of Techbikers, a non-profit bringing together the startup ecosystem on cycling challenges in support of Room to Read. Since inception in 2012 we've built 11 schools and 50 libraries in the developing world.
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