ContextWeb, a NewYork-based contextual ad company, has raised over USD26m of a USD30m fourth round of funding, according to PEHub.
Investors include Investor Growth Capital along with return backers Draper Fisher Jurvetson, DFJ Gotham Ventures and Updata Ventures. Investment bank Savvian advised on the deal. ContextWeb, established in 20045, has now raised a total of USD53m. The company will use the funding to expand ADSDAZ, its online ad exchange, and to hire extra staff.
According to PaidContent, Savvian has invested in several ad companies over the past year, including online blog advertising network Federated Media. Savvian is also reportedly raising USD20m for SocialMedia.