The round was led by venture capital firm Tech Capital Partners, with participation from GrowthWorks Commercialization Fund and from the newly created Ontario Emerging Technologies Fund (OETF), which already made a seed investment in the company in early 2009.
The proceeds will be used to grow Bering Media’s engineering team and expand sales and marketing efforts.
Founded in late 2008, the company’s technology brings real-world targeting capabilities to the online advertising industry. Through a patent-pending privacy architecture, Bering Media’s system allows online ads to be targeted accurately by geography, down to the neighbourhood level.
Commenting on the funding, Tim Jackson, Partner at Tech Capital Partners, was quoted to say: “Bering Media’s approach to providing neighbourhood level advertising on the Internet without infringing on individual privacy is disruptive and has the potential to become the de facto standard for geotargeting online.