Turn raises US $80m and remains uncertain about possible IPO plans

What? The digital ad company Turn raises US $80 million in Series E funding , reaching a total investment of more than US $135 million.
Why it matters? Although possible IPO plans remain uncertain,the company may be raising a round at a valuation for an initial public offering this year.

Licensed: Creative Commons

Licensed: Creative Commons

Turn announced the company has raised US $80 million in Series E funding, reaching a total investment of more than US $135 million.

The identity of the investors hasn’t yet been revealed. The round counted with participation of new backers ClearBridge Investments, Firsthand Technology Value Fund, Northport Investments, and Pine River Capital Management, as well as previous investors Norwest Venture Partners, Trident Capital, Shasta Ventures, and Focus Ventures.

Turn was reported to be raising a round at a valuation of “up to US$700 million” for an initial public offering this year.

“I don’t have a crystal ball. Our focus is on building a great company. Obviously, a fund raise like this allows us to have more flexibility about when we go public,” said Turn CEO Bill Demas regarding any possible IPO. He made none comments on the valuation. “When we think about post-ad-tech, we mean that the marketing world is moving much more towards enterprise software and services model,” Demas added.

According to Demas, his goals for 2014 include further investment in Turn’s machine learning algorithms and in its DSP and DMP products, as well as continued global expansion since Turn has recently launched in Brazil and Japan. He also foretold that the company’s “programmatic premium” (automated buying of premium ad inventory) business will continue growing.

Turner functions both as a demand-side platform (allowing ad buyers to manage ad exchanges and data sources in one place) and as data management platform (allowing those buyers to use their data to target audiences).

In accordance to the company, it was EBITDA positive for 2013 ( it saw positive income before taxes, depreciation, and amortization) . It currently has 350 employees across five continents and  delivers more than 1.5 trillion ads each month.

Source: Techcrunch

Editorial Staff @portada_online

Portada Staff

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