Ad Targeting Firm xAd Secures $50m

Location-based ad targeting specialist xAd has raised $50m through a combination of equity and debt financing led by Institutional Venture Partners (IVP). While the firm says it has no immediate plans for the money, it confirms it is currently evaluating 'strategic acquisitions'.

New York-based xAd offers targeting solutions based on in-store visitation behavior. In April, the company launched a visualization platform called Footprints, using real-time mobile location targeting and store visit information to help brands evaluate behavior by store, brand or other factors.

Along with IVP, those participating in the new financing are existing investors Emergence Capital and Softbank Capital, as well as Silicon Valley Bank.

xAd CEO Dipanshu 'D' Sharma comments: 'We have built the industry's leading location-based advertising technology platform, and our rapid business acceleration has been a direct result of the performance that we are able to generate for our SMB, mid-market, and agency customers.'

Web site: www.xad.com .