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Travel Ad Network Raises $15 Million First Round |
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CBS News, April 21, 2008
Untitled 2
Apr. 21, 2008
Travel Ad Network has completed a $15 million first round funding led by Rho
Ventures, Village Ventures and individual investors, the company tells us. The
ad network, founded in 2003, plans to use the funds to support general growth
efforts, including the development of new products and establishing itself in
additional, though unspecified markets. The company, based in New York City,
also has offices in Canada and the UK. TAN's vertical ad net, which is focused
mainly on travel sites that cater to upscale consumers, drew 9.3 million uniques
in March, according to *comScore*ranked fifth behind Expedia, Travelport,
Travelocity and Southwest Airlines. In the past year, though, TAN's experienced
strong traffic growth and is up 97.9 percent over March '07's 4.7 million
uniques.
In conjunction with the funding, TAN has added a number of new board members,
including Rho Ventures' Habib Kairouz, managing partner, and Doug McCormick, a
partner at Rho and former CEO of Lifetime Networks and iVillage. Benjamin Wolin,
the co-founder and CEO of Waterfront Media, has also been named to TAN's board
but did not participate in the round. TAN founder and CEO Cree Lawson said the
company hoped to gain from their new board members' collective experience in the
areas of branded media, network development, behavioral targeting and online
advertising.
By David Kaplan
Copyright © 2008 paidContent.org
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