Blog Post

Nexage Raises $4M Series A to Expand Mobile Ad Offerings

NexageName250x50 Nexage, a mobile advertising startup whose clients include Digg and CBS Sports, said today it’s raised $4 million in Series A funding from GrandBanks Capital and BlackBerry Partners Fund as the rush to claim a stake in the mobile advertising space continues. Mobile ad spending is forecast to hit $5.7 billion by 2014, prompting Google (s goog) to expand its Adsense advertising service to mobile. Meanwhile AdMob, a mobile advertising marketplace provider, raised $15.7 million in Series C funding this past October.

Nexage, which raised $500,000 in angel funding back in February, said it will put the money from the new round towards building an advertising platform that will support different types of ads, such as SMS messages, mobile web and video. The company is also in the process of moving its headquarters to Boston from Fremont, Calif., and instilling Mike Baker, the former VP of Nokia and head of Nexage’s mobile advertising business unit, as its chair. As part of the funding, BlackBerry Partners Fund’s Matt Golden and GrandBanks Capital’s Ryan Moore will also join the Nexage board.