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Display Ad Firm Tumri Closes $15 Million Financing; Time Warner Adds Backing

Online ad firm Tumri has secured $15 million in financing from Time Warner (NYSE: TWX) Investments and others as it seeks to complete its transition from a contextual-ad supplier to a business focused on display. The investment includes over $10 million in equity from Time Warner and previous backers Accel Partners, Shasta Ventures and Tenaya Capital, plus $5 million in a debt commitment from Silicon Valley Bank. The company will use the proceeds for a global rollout, as well as building up its sales and marketing team. With this financing, the Mountain View, Calif.-based company has raised a total of $31.5 million in investments. More after the jump

Although spending on display advertising has improved some recently, Tumri’s expanding from its main contextual offerings is somewhat surprising, as display faces a number of challenges moving forward. Tumri, which creates formats and platforms for publishers, believes it can capture the high-priced premium display ads that companies like Time Warner are eager to add more of — that business is, of course, more lucrative for Tumri than supplying contextual ads. Tumri has already made two high-profile hires in the past few weeks, including former AOL Plartform-A SVP Michael Peralta as chief revenue officer and former Yahoo (NSDQ: YHOO) exec Jeff McCombs as chief financial officer. Release