Santa Monica, California-based GumGum, the advertising, and media company has announced picking up $22 million as part of its Series D round financing led by the existing backers. Morgan Stanley Expansion Capital, NEA spinout NewView Capital and Upfront Ventures are the backers who led the financing round.
Prior to this round, Morgan Stanley Expansion Capital led the Series C round for the firm that was worth $26 million. The current infusion takes the total amount raised by the firm to $58.8 million.
GumGum was founded in 2007 by Ari Mir and Ophir Tanz. The firm has offices in the US, the UK, and Australia. The company plans to utilize the freshly raised capital to make a more aggressive acquisition strategy.
Phil Schaeder, the CEO of the firm also announced that Lisa Licht has joined its Board of Advisors. She is currently a marketing and brand partnership consultant for AllBright, Illumination Animation, the Metrograph, and Exploding Kittens. Commenting further Schaeder said “We are extremely pleased to have Lisa join our board and eagerly await her contributions. Not only does Lisa add a fresh new voice to the board at a time when we’ve made diversity a central all-around priority at GumGum, but she gives us unique access to all her hard-won insight accrued over a remarkable career.”
Licht talking about the partnership with the firm through a statement said, “As I see it, this is the ideal time to get behind GumGum. They have outpaced the market in terms of growth year-after-year, maintained profitability and now there’s an obvious inflection point at hand for contextual advertising in digital. That’s an area where GumGum already has a significant edge, so I’m looking forward to helping expand its lead in that area, while also contributing to success across the full breadth of GumGum’s business.”
It will be interesting to see how the firm moves ahead and if it makes further acquisitions going forward.
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