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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