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Spot Runner, successful newcomer to the TV ad sales and development biz, has closed a $51 million round of funding and is looking to begin an international expansion.
Investors include Daily Mail and General Trust in the U.K., Europe and elsewhere, and Grupo Televisa in Mexico, as well as Groupe Arnault/LVMH, Legg Mason Capital Management and existing investors, writes Adweek. The company has raised over $110 million so far.
CEO Nick Grouf said that the expanded “war chest” will allow the company to weather volatile economic conditions and to purchase other companies. He also said the company hopes its newest backers will give Spot Runner a foothold in those markets.
In recent months, Spot Runner has hired former MSN chief Joanne Bradford to head up its national ad sales and IPG Media CEO and former MTV executive Mark Rosenthal to lead a group dedicated to courting agencies and media owners.
Spot Runner began its business by allowing companies to create their own self-serve TV spots, and has expanded into online video as broker and distributor, acquiring Weblistic earlier this year for the purpose, according to the Washington Post. Grouf said radio and print will follow.
Google, with its expansion into TV ad sales, could be seen as a formidable competitor to Spot Runner, but, as Grouf explained, Spot Runner doesn’t own any inventory, as opposed to Google and YouTube, so his company avoids channel conflict, which may deter buyers from working with Google. Too, Spot Runner doesn’t own unused inventory exclusively, which he also says works in his favor.
Google is still the company’s biggest hurdle and also a potential buyer - the two have held talks over the last year.
Grouf said Spot Runner’s revenues grew 500 percent last year, but wouldn’t give any more details on revenue or profitability.
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