San Francisco, CA – Monday, December 20, 2010 – NEOEDGE one of the leaders and innovators in advertising services for casual and social games today announced that it has secured a $3 million growth capital financing from MMV Financial (“MMV”).
NeoEdge currently serves over 100M video ad impressions per month, using their innovative ad serving platform and simple to integrate video and rich media ad products. NeoEdge has strategic partnerships that include Yahoo! Games and iWin and most recently they announced a partnership with Red Atom’s Bar Society on Facebook. The company, led by industry veterans from EA and Pogo, offers unique ad products that seamlessly integrate with games and deliver some of the highest click through and fill rates in online advertising. Proceeds from the funding will be used to expand their national sales team and to drive innovation in the social games space with new ad products that will gamify advertising and provide unique monetization services for developers.
“We are delighted to be working with NeoEdge and have been most impressed with how the company is tackling a largely untapped space of monetizing social games through advertising”, said Debasish Sasmal, Vice President, MMV Financial, “NeoEdge’s unique value proposition bridges the gap between the brand advertisers who are looking at innovative ways to play in the social space on one side and the game developers who are eager to monetize the 90%+ players who aren’t paying. NeoEdge has strong support from its institutional investors, Vanedge Capital and Jefferson Partners, and we are happy to extend our support towards the Company’s growth. We have a very high confidence in the Company leadership and are excited to be a part of their ongoing success.”
“We are very excited by our partnership with MMV”, said Lesley Mansford, CEO, NeoEdge. “With their support, we are confident we can drive innovation in the social and casual space. We have been extremely pleased with MMV’s flexibility in structuring a deal that suited us and look forward to building our new relationship with MMV.”
About NeoEdge Networks, Inc.:
NeoEdge headquartered in San Francisco, California with sales offices in New York, Los Angeles, and Toronto is a leading digital media company. In 2009 NeoEdge was awarded Digital Publisher - Category Winner, in OnMedia’s Top 100 Private Companies. Also in 2009, NeoEdge was selected as one of the most promising private technology ventures and awarded the prestigious Red Herring 100 NA Award. To advertise with NeoEdge or learn more about increasing revenue through ad-supported casual and social games, please visit www.neoedge.com
About MMV Financial:
MMV Financial is a specialty finance company that provides creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, ROI Capital and Wells Fargo Company. For more information, please visit www.mmvf.com
For more information contact:
Chief Executive Officer
NeoEdge Networks, Inc.
Tel: (415) 398-3095
MMV Financial Inc.
Tel: (416) 977-9718