Building a new leader in the Real Time Rich Media space – iNovia most recent investment in Oggifinogi

19Aug10

by Chris Arsenault, Managing Partner at iNovia Capital

When John Elton introduced the team to entrepreneur Michael Hyman, and suggested iNovia’s next investment be into his newly formed startup, Oggifinogi, the decision was basically a “no-brainer”. Yes! It’s an obvious and perfect fit for our digital media portfolio.

Michael understands the importance of building an “A” team (as he has shown with the recent hiring of Michael Rosen as President). Oggifinogi’s product offering and flexible video ad platform provides direct relief to an existing market pain point. The business model and short term market validation are solid. We think the timing in the market is right, as Rich Media Display Advertising and Video Advertising spending continues on its double digit growth trajectory now and over the coming years. Almost just as importantly, we know and appreciate the value added provided by our sophisticated co-investors: Greycroft Partners, Contour Ventures Partners and a handful of prominent angel investors. Finally, when we got to digging deeper and saw the synergies that could exist between Oggifinogi and some of our existing portfolio companies, such as Collective, Vizu, Chango, Airborne and Tynt, we couldn’t resist and immediately started working with Michael and his team towards building a new leader in the Real Time Rich Media space.

Full release to follow:

OGGIFINOGI SECURES SERIES A ROUND FUNDING

Investment to expand national footprint of Real Time Rich Media (RTRM) products, analytics and technology and to expand New York City office

Bellevue, WA and New York, NY – August 19, 2010 – Oggifinogi, the leading provider of advanced rich media solutions, today announced that it has closed a Series A funding round of $2 million.  The round was lead by Greycroft Partners, with participation from iNovia Capital, Contour Venture Partners, and several prominent individual investors.  The company will use the funds to grow its national footprint of Real Time Rich Media (RTRM) products, designed for marketers who buy audience-based media through advertising exchanges, demand side platforms, agency trading desks, ad networks and branded publishers.  Oggifinogi is also using the funding to expand its New York City office and engineering and creative talent.

Oggifinogi, founded in 2008, has established itself as the expert in developing highly interactive rich media formats for brands.  Oggfinogi has worked with over one hundred brands to date, across categories ranging from consumer package goods, retail, entertainment, and finance.  In addition, Oggifinogi’s Real Time Rich Media (RTRM) products are the only rich media solutions that function within a real-time bidding environment.  The technology natively supports the high technical demands of agency trading desks and exchanges, solving one of the major obstacles for brand marketers interested in buying exchange-based media.  Further, the Oggifinogi RTRM suite of creative ad products delivers high-impact, feature-rich ad units, with cutting-edge technology and analytics, that result in market leading ROI for clients.  Together with a focus on complete creative development and laser-fast turnaround, Oggifinogi provides a cost effective solution in a market that has been plagued by legacy technology, poor service, and a slow reaction to market needs.

Oggifinogi plans to announce several partnerships that solidify them as the leader in the RTRM space.

“We built Oggifinogi to satisfy an important client need: the ability to quickly deliver high performing, dynamic, video-rich advertisements in a real time fashion, all with extensive analytics and optimization,” said Michael Hyman, Oggifinogi co-founder and CEO.  “We let clients achieve their brand vision without compromising creativity, performance, or placement thus taking their online advertisements to an entirely new level.”

The Board of Directors includes Ian Sigalow of Greycroft Partners, John Elton of iNovia Capital, Bob Greene of Contour Venture Partners, Geoff Judge, Co-Founder of 24/7 Real Media, Brian Fitzgerald, Co-Founder of Evolve Media Corp, and Chris Young, CEO and Founder of Digital Broadcasting Group.

“Oggifinogi allows advertisers to embed any functionality inside a standard ad unit – from video to fully-interactive websites – and the campaigns can be built in hours instead of weeks,” said Ian Sigalow, Partner at Greycroft.  “When this is combined with real-time tracking and exchange functionality, you have a solution that has quickly become a new industry benchmark for interactive advertising.”

Oggifinogi also recently announced the appointment of Michael Rosen as President, based in New York City, to focus on the company’s national expansion.

About Greycroft Partners

Greycroft Partners, based in New York City, is a venture capital partnership formed to invest in promising digital media companies.  Greycroft leverages an extensive network of media and technology connections to help investees gain visibility, build strategic relationships, and successfully bring their products to market.  Greycroft’s portfolio companies benefit from active, hands-on assistance in all phases of expansion.  For more information, visit www.greycroftpartners.com.

About iNovia Capital
iNovia provides venture capital to entrepreneurs who transform innovations into successful companies. The team is comprised of sector experts focused on Mobile, Consumer Internet, Internet Communications, Software and Digital Media. iNovia has $165M under management across two seed and early stage IT and Life Sciences funds. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at http://twitter.com/iNovia.

About Contour Ventures
Contour Venture Partners invests in companies focused on information technology, and the

application of technology into the financial services, digital media and internet sectors. The principals at Contour have a long and successful track record, having directly supported over 40 companies through numerous market cycles since the late 1980s. For more information, visit www.contourventures.com

About Oggifinogi
Oggifinogi is the leading provider of advanced rich media solutions focused on delivering Real Time Rich Media (RTRM) to marketers buying audience-based media through exchanges, demand side platforms, ad networks and branded publishers.   Oggifinogi’s RTRM suite of creative ad products delivers high-impact, feature-rich ad units with cutting-edge technology and analytics designed to deliver market leading ROI for clients.   Founded in 2008, Oggifinogi has offices in New York and Seattle. Visit Oggifinogi at www.oggifinogi.com.



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