Ad Agency Spot Runner Raises $51 Million
By Todd Spangler -- Multichannel News, 5/7/2008 2:32:00 AM
Spot Runner, which provides ad-creation and media buying services for small businesses, has received $51 million in funding from investors including Grupo Televisa and U.K. media company Daily Mail and General Trust (DMGT).
Other participants in the funding round included Legg Mason Capital Management and luxury brand company Groupe Arnault/LVMH, as well as existing investors. Spot Runner’s previous investors include Allen & Company, Battery Ventures, Capital Research and Management, CBS, Index Ventures, The Interpublic Group, Tudor Investment and WPP Group.
Los Angeles-based Spot Runner uses an Internet-based model for creating, buying and tracking ads, working with local cable interconnects, individual local cable ad sales teams and National Cable Communications to place spots.
“These strategic investments serve as a strong validation of Spot Runner’s technology-driven advertising model, as well as the results we have generated for advertisers and media owners,” Spot Runner CEO Nick Grouf said, in a statement.
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