Local television advertising startup Spot Runner said today it had raised $40 million from television advertising buyers Interpublic Group and WPP, television advertising seller (among other things) CBS, as well as Allen & Company, Tudor Investment Corporation, Capital Research and Management, Lachlan Murdoch, Vivi Nevo, Index Ventures, and Battery Ventures. The Los Angeles-based company had previously raised a $10 million Series A round from the last two firms as well as Comerica Bank.
Spot Runner offers a web-based platform for plugging your company’s information into a pre-made ad and buying local airtime for it. The target demographic has been small businesses who normally don’t have the resources to craft and coordinate TV ads. Spot Runner said today it would use the new investment to bring its ads to online video, video on demand, and IPTV.
Funders are writing fat checks for advertising platforms right now. Rhythm NewMedia said today it had raised $18 million from the Carlyle Group, Lightspeed Venture Partners, Morganthaler Ventures, and Rembrandt Venture Partners for its mobile advertising platform. Last week we wrote about Jingle Networks’ new round for tying ads into directory assistance; that was $30 million.