AdAdapted has locked down $725,000 in seed capital to help it scale up its mobile advertising platform.
Among the investors were the University of Michigan’s Zell Lurie Commercialization Fund, Belle Michigan, and Start Garden. The Ann Arbor-based startup plans to initially use part of the money to accelerate its hiring. The 2-year-old company currently employs six people after hiring three over the last year. It's currently looking to hire a software developer and sales professional. After that much of the money will be used to help get the word out about AdAdapted.
"We'll mostly be using it on sales and marketing after that," says Molly McFarland, co-founder & chief marketing officer of AdAdapted.
The startup's advertising platform connects advertisers with developers to create customized native ads in mobile apps. It strives to provide a simple interface so advertisers can find their best audience. The idea is to do away with intrusive banner ads by replacing them with slicker native ads.
"We have clients right now," McFarland says. "The technology is up and running."
AdAdapted's technology is being used by some advertisers. The startup's staff is currently working to flesh out the platform and expand its client base.
Source: Molly McFarland, co-founder & chief marketing officer of AdAdapted
Writer: Jon Zemke