Mojiva, Inc., a New York-based mobile advertising company that owns and operates a mobile advertising network and a mobile ad serving and analytics platform, closed a $7m second round of venture funding.
The round was led by UV Partners and includes existing investors Bertelsmann Digital Media Investments, the venture capital arm of the international media company Bertelsmann.
In its first round in 2008, Mojiva raised $3m, primarily from Bertelsmann.
The financing will allow for the global expansion of both the company’s ad serving platform and display ad network, in the face of growing demand from marketers seeking to engage consumers via mobile devices.
According to a recent Gartner study, mobile ad spending is expected to surpass $13 billion by 2013.
Founded in May 2008 and led by a team of advertising and digital media veterans, Mojiva has seen rapid growth over the past two years. The company recently spun off its mobile advertising platform into a wholly owned subsidiary, mOcean Mobile.