The Foundry Group Leads $6 Million in Series B Funding for Medialets

Based in New York, leading moblile advertiser, Medialets announced on August 10, 2010, that it has received $6 million in series B funding with the Foundry Group leading the funding round. Other investors who participated in this funding round include DFJ Gotham, 500 Startups, and angel investor, Chris Saridakis.

Founded in June of 2008, Medialets has been a leader in the advertising market for the mobile phone industry by developing and commercializing one of the most advanced advertising platforms for the display of advertising media for mobile and smart phones. The company was created by a world-class executive team that had the aim to set the standard in a brand new media market, marketing on mobile communication technology. With the growing number of consumers using some type of mobile communication gadget, be it being either a mobile or smart phone or PDAs, marketers are looking for a new medium to provide high quality advertising on such devices. Medialets has also developed apps for iPhones and other smartphones which advertisers can have tailored to market their products or services over the mobile community. With the advent of Apple’s iPad, Medialets has also developed apps to work on the iPad as well.

According to the CEO of Medialets, Eric Litman, When Medialets was founded in 2008, the founders of the company had the understanding that new and ever changing mobile technology would provide a powerful interactive medium for advertisers to take advantage of when marketing to consumers. Since that time, Medialets has been able to provide a platform for major publishers, brands, and other advertisers to reach a new consumer base who heavily use mobile technology from communicating with friends, relatives, and business associates to downloading music and videos. When Apple released the iPhone, the merger of the cell or mobile phone and the portable MP3 player was forged and created a new era for mobile technology. Medialets seized on the opportunity and began to develop apps for the iPhone and other like smartphones. These apps allow advertisers to provide consumers with powerful interactive advertisements which can allow the consumer to interact with the ads and get them to buy the marketed product.

The managing director of the Foundry Group, Seth Levine, further stated that Medialets has established a standard for innovative and unique technological innovations for the advertising community. The fact that the company has set up a scalable platform for publishers and advertisers to work with and answers to the challenges with advertising on mobile devices meets an unmet need for advertisers who want to tap this new medium. Mr. Levine further added that because Medialets has secured its stake in the market early on, the company is poised to be successful and with strong barriers of entry, Medialets is a great opportunity for the team at the Foundry Group.

The Foundry Group is a venture capital firm that specializes in providing funding to early stage startups that are in the internet, software, and tech industry. Besides providing the necessary capital for startups to get up on their feet, the partners at the Foundry Group also believe in leveraging their expertise in the tech industry and growing strong companies that generate value. Some other companies in the Foundry Group’s portfolio include Admeld, Big Door, BrightLeaf, Gist, Lijit Networks, Memeo, and others.