Real-time bidding is already a common feature of online advertising, but rich media ads aren’t often used for these generally low-cost plays. Rich media provider OggiFinogi hopes to change that a bit, now that it has raised a $2 million first round. The round was led by Greycroft Partners, with additional backing from iNovia Capital, Contour Venture Partners, and several, unspecified individual investors.
The funding comes just a few weeks after Michael Rosen, formerly EVP and chief revenue officer at Babelgum, was named president of OggiFinogi, charged with heading the company’s national expansion from its New York office.
A number of companies have been able to ride the real-time bidding wave in various directions. For one thing, a lot of demand side platforms (DSPs), which provide tools to marketers and agencies to use ad exchanges more effectively, have received funding or, as in the case of Invite Media, been acquired by Google (NSDQ: GOOG). On the publisher side, companies like AdMeld, which recently received a $15 million round that included backing from *Time Warner* Investments, have also been focusing more on the real-time bidding services.
The two-year-old company has some established competition, most notably Gannett’s Pointroll and Google’s DoubleClick, both of which are fairly dominant in the rich media display space.
But with its money in hand, OggiFinogi (the name is a portmanteau of “today” and “finish what you start”) plans to strike deals with several other companies in the real-time bidding space that it expects to complement its existing offerings. Release