Blog marketing and search provider Lijit Networks has completed a $10 million round of funding as CEO Todd Vernon aims to capture more ad spending from mid-size businesses.
The financing comes less than a year after it raised a $6 million fourth round funding that was similarly devoted to expanding its publisher network and its year-old ad services. Since opening its doors in 2006, the Boulder, CO.-based company has raised $27 million, including this latest round.
The latest round was led by new investor Highway 12 Ventures. Other existing backers Foundry Group, Boulder Ventures and Colorado Fund I, managed by High Country Ventures, also participated.
Local and mid-size businesses is where a lot of the spending growth online is expected to come from, especially as the glacial pace of the economic recovery continues. In its pitch to those companies to spend more online — and specifically with Lijit — the company makes a number of impressive claims.
Among its boasts, Lijit says purchases on its ad services platform have grown 74 percent since Q4. The publisher network now includes more than 17,000 websites that claim 1.5 billion pageviews a month, with over 106 million unique visitors per month. Release