Greystripe lands round of funding
Peacock Equity Fund to pay out $2 millionNEW YORK -- Greystripe, an ad network for games and applications provided on mobile phones, including the iPhone, has secured $2 million in funding from GE/NBC Universal's Peacock Equity Fund.
The capital injection topps off a $7.5 million Series C funding round. The initial $5.5 million of the round announced earlier this year included such investors as Walt Disney's Steamboat Ventures.
Greystripe says it is responsible for more than 250 million ad-supported mobile app and game downloads. Its technology allows online media buyers to easily add mobile ads to digital campaigns. Greystripe advertisers have included Universal Pictures, Paramount Pictures, Kia, Axe Unilever, Jeep, US Navy and JC Penney.
"Greystripe provides a superlative mobile advertising format for brands, a view strongly endorsed by ad agencies and their clients, and also offers a powerful marketing and monetization platform for several of NBC Uni's media properties," said Peacock Equity managing director Tom Byrne.
Universal Pictures was Greystripe's exclusive launch customer for a new iPhone ad format with an ad for Rogue Picture's recent release "A Perfect Getaway." According to the firm, 8% of users who viewed the entire ad experience clicked through to view the trailer.
"Greystripe consistently attracts larger advertising budgets because well-known brands consider the investment part of their digital buy and are no longer limited to their mobile budgets," said CEO and founder Michael Chang. "With this strategic alliance with NBCU, we plan to expand our sales team and roll out even more pioneering advertising solutions for our customers."