Led by growth equity firm Technology Crossover Ventures (TCV), AppNexus raised $75 million in Series D funding. The advertising technology company joins other online giants, such as Facebook and Netflix, in TCV’s investment portfolio.
CEO at AppNexus, Brian O’Kelley, explained that this round of investment will give them access to over $100 million to fund a new generation of online advertisement innovations and expansions - AppNexus' total funding is approximated at $140.5 million.
However, this recent investment isn’t the first success for AppNexus over the last 12 months, as the company doubled its employee numbers and tripled its revenue stream during that time. Additional expansion included opening new offices in Paris, Hamburg and Toronto, as well as signing a number of high-profile clients, including Orange Mobile.
In addition to TCV’s sizable investment, AppNexus also announced that David Yuan, TCV General Partner, will join the company's board of directors. The investor and consultant, Yuan, is already on the boards of ExactTarget, Merkle and Sitecore, and has actively invested in major companies such as Facebook and OSIsoft. Before becoming General Partner with TCV, Yuan worked as an investment professional at JPMorgan and as a management consultant for Bain & Co. His formal education includes a BA in economics from Harvard University and an MBA from Stanford.
On the topic of his recent appointment, Yuan explained that the opportunity he was presented with was an exciting one for him, given AppNexus’ pedigreed executive team and its status as a leading platform in the industry.
Their past accomplishments and ambitious plans for the coming 12 months also impressed Yuan and his colleagues, in the run up to the decision. Given the projected market growth for 2013 of $44 billion, TCV is very optimistic about the company’s future and looks forward to a long-term partnership.
Edited by Brooke Neuman