Jelli Closes $21 Million Series B Financing
SAN MATEO, CA., June 23, 2015 – Jelli (www.jelli.com) today announced it has closed a $21 million Series B financing. Investors in the round included Relay Ventures, Intel Capital, First Round Capital, iHeartMedia and Universal Music Group. This funding brings the total amount raised to $37.6 million.
In April, Jelli was selected as the technology partner to power programmatic and automated ad buying platforms for iHeartMedia and its 858 radio stations, and for Expressway from Katz, the first industrywide programmatic buying ad exchange for broadcast radio at scale launched by Katz Media Group, the top national sales firm. Katz Media Group represents more than 275 radio broadcasters including iHeartMedia, Cumulus, Entercom, Cox Media Group and others.
Advertising across all media segments is transforming rapidly, driven by technological advancements such as programmatic advertising. According to eMarketer, programmatic advertising doubled to $10.1 billion in the United States in 2014, and over the next 24 months, it is expected to double again to $20.4 billion. Broadcast radio is 90 percent of the audio market, and according to the RAB, audio advertising was a $17.5 billion market in the United States in 2014; iHeartMedia and Katz’s new programmatic networks, powered by Jelli, allow broadcast radio to tap into programmatic advertising budgets. These new platforms will be provided to customers via a SaaS model, allowing advertisers and publishers to buy and sell radio advertising programmatically via a suite of demand-side and supply-side services.
“Programmatic advertising is surging across the entire advertising landscape, and by powering iHeartMedia and Katz Media Group’s networks, we are enabling broadcast radio to participate and make buying an audio ad as easy as buying a digital ad,” said Mike Dougherty, Chief Executive Officer of Jelli.
About Jelli Inc. ®
Jelli is the largest technology platform for the $40 billion global audio advertising market. Our mission is to create the easiest and fastest way to buy and run audio advertising. Our patented, cloud-based audio platform is used by advertisers and publishers to reach hundreds of millions of listeners monthly, serving billions of audio ads. We are based in San Mateo, California, and our investors include Relay Ventures, Intel Capital, First Round Capital, iHeartMedia, Universal Music Group and several prominent angel investors.
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