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« Tellme tells you via mobile voice search | Main | Microsoft tells me all about mobile search »

February 03, 2007

Jumptap taps advertising giant WPP for funds

One of our more common post subjects - JumpTap, which competes against another of our favorites Medio Systems of Seattle - has raised an undisclosed round of financing from advertising giant WPP. The investment follows the announcement in November that Medio had raised $30 million from Accel Partners and others.

"It's clear that in time the mobile search and advertising market will be substantial," said WPP Digital CEO Mark Read, citing the 1.8 billion cellular phones in consumers' hands worldwide.

WPP took a 2.5% stake. Founded in 2004, JumpTap’s client base includes Alltel Wireless and Virgin Mobile USA, while the business had gross assets at the date of investment of $3m according to one report. That's an interesting number because JumpTap is a well-funded startup, having in October 2006 closed a $22 million round of venture financing. A year earlier it received $21 million in financing.

Oddly enough there is no announcement of the deal on Jumptap's website.

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Listed below are links to weblogs that reference Jumptap taps advertising giant WPP for funds:

» Jumptap Gets Injection from WPP Group from David Dalka - Creating Revenue and Retention - Chicago GSB MBA
Goobile had a write up about it. WPP had more on the release here. This is an extremely interesting investment from an untraditional source. Time will tell what is means fully. ... [Read More]

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