Press Release - April 20, 2011
Lijit Networks Closes $10M in New Financing
Funding will Help Fuel Growth of Lijit’s Publisher Network and Adoption of its Online Advertising Services
BOULDER, CO - April 20, 2011 - Lijit Networks, Inc., an innovative provider of custom site search, reader engagement tools, and advertising solutions for online publishers, today announced it has closed $10 million in financing. This round of financing is led by new investor Highway 12 Ventures and includes existing investors Foundry Group, Boulder Ventures and Colorado Fund I, managed by High Country Venture.
Transactions on Lijit’s advertising services platform have grown 74% since Q4 2010. The Lijit publisher network now includes more than 17,000 websites, 1.5 billion pageviews a month, and over 106 million unique visitors per month. The latest round of financing will be used to accelerate growth of the company’s publisher network and to fuel the continued adoption of its online advertising services.
"Influential midsize publishers are incredibly important to top advertisers based on the highly engaged audiences they attract. Lijit serves this segment of publishers with innovative tools, analytics, and monetization alternatives to Google AdSense," said Mark Solon, Managing Partner, Highway 12 Ventures. "Lijit is fast becoming the business partner of choice to these publishers and we’re excited to make an investment in Lijit at this obvious inflection point in the company’s growth."
"Lijit has created one of the largest aggregated audiences on the web. As a result of the accelerating growth of our network we now have the scale to offer premium advertisers the audiences they need," said Todd Vernon, CEO and founder of Lijit Networks. "We’re proud to have so much support from our existing investors and to add new investor Highway 12 Ventures who clearly shares our vision for helping online publishers engage their readers and make more money."
About Lijit Networks, Inc.
Lijit Networks, Inc. was incorporated in June 2006 and is headquartered in Boulder, Colorado. By providing innovative content discovery and search tools to over 17,000 individual publishers, commercial web sites and content networks, Lijit technologies help publishers make more money, enhance reader engagement, lengthen time on site and increase page views. Lijit connects publishers with premium online advertising campaigns, which are highly targeted and contextually relevant to the publisher’s audience and readership. Learn more at www.lijit.com
Sonya Caprio, Director of Marketing
sonya at lijit dot com