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Rho Ventures, Rho Cananada and JLA Ventures bets on advertising network
NetShelter, more formally known as NetShelter Technology Media, raised $15 million in a Series B round of funding, led by Rho Ventures, with participation from existing investors Rho Canada and JLA Ventures. San Francisco-based NetShelter provides advertising, for independent Web publishers, with a focus on technology-based sites, such as MacRumors.com, Slashgear and CrackBerry.com.
Founded in 1999 by brothers Peyman Nilforoush, the current CEO, and Pirouz Nilforoush, the current president, though the company did not begin is ad platform until 2006. NetShelter had previously raised $11.1 million, bringing company's total fund raising to $27.6 million.
The money in this round is going to be used to fund international expansion.
Over 133 million readers visited NetShelter Technology Media partner sites in August, outpacing media entities like CNET, IDG and AOL Tech, according to comScore's Media Metrics August 2010 report. The company reported that its revenue was up about 75% last year, though it would not disclose specific numbers. The company attributed that growth to both signing up new clients, and increased sales by existing clients.
Rho Ventures is a multi-stage investor, with a focus on high-growth companies in large markets. Rho Ventures’ investments in new media, healthcare, IT and energy technology. Previously backed companies include: Human Genome Sciences, iVillage, Intralinks, MedImmune, ReachLocal, Tripod, and EveryDayHealth. The firm has offices in New York City, Palo Alto and Montreal. They are investing from Rho Ventures VI, a fund worth $510 million. Rho Canada, which is based in Montreal, is affiliated with Rho Ventures in the US and leverages off Rho Ventures’.
Netshelter was not avaliable for immediate comment.
(Image courtesy of NetShelter)
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