Spongecell, Inc., a New York City-based advertising technology company that turns standard banner ads into dynamic ads with rich media features, has raised $10m in Series B financing.
The round was led by Safeguard Scientifics, Inc. (NYSE: SFE).
The company intends to use the capital for continued expansion including product development, sales and marketing, executive and staff recruitment, and other working capital needs.
Led by CEO Ben Kartzman, Spongecell transforms standard banner ads into dynamic flash ads with rich media-like functionality. The company works with creative agencies, media agencies, ad networks, and ad exchanges to incorporate multiple actions in a single ad unit, providing consumers with the choice of how they want to interact with the ad.
In conjunction with the funding, Erik B. Rasmussen, Managing Director in the Technology Group at Safeguard, joined Spongecell’s Board of Directors.
The company has sales offices in Chicago, Atlanta, Los Angeles, San Francisco and London.