SpotXchange, Inc., a Westminster, CO-based global online video advertising network, closed a $12m first financing round from H.I.G. Growth Partners.
The company intends to use the funds to further develop its video advertising network solution and to expand its international presence.
According to Michael Shehan, founder and CEO of SpotXchange, the company plans to open several international offices in the next year and significantly add to its current media sales team.
SpotXchange currently operates offices in New York and London, UK.
The company’s auction-based platform, combined with proprietary viewership data and targeting technology, is designed to help advertisers achieve the most efficient media spend for video campaigns. It places video ads in front of the specific audiences most likely to interact with and watch a given ad longer all in real-time and on a per-impression basis.
In conjunction with the funding, John Kim and Nik Shah of H.I.G. Growth Partners, will join SpotXchange’s board of directors.