Last year, we helped get a company started called TargetSpot. TargetSpot is the first self serve ad network for streaming audio and internet radio. TargetSpot was built by our portfolio company Oddcast for CBS Radio and they eventually concluded it needed to be an independent company. We stepped into the conversations along with a startup CEO named Doug Perlson, and the four of us; Oddcast, CBS, Doug, and Union Square Ventures put up the seed capital to get TargetSpot going. We posted about that process in April of last year when the seed financing closed.
Now, almost a year later, TargetSpot is a real business. They have signed up over 500 radio stations to use their service to stream ads to their online listeners.
And in recognition of what TargetSpot has achieved and what is ahead of them, the Company announced the closing of an $8.6mm Series B round led by Bain Capital Ventures.
We are very pleased with this financing and the opportunity to work with Bain Capital Ventures and Jeff Glass, the Bain partner who will join TargetSpot's board. We are also very appreciative of the support that CBS and Oddcast have provided TargetSpot in its fist year and of the job that Doug Perlson and the team at TargetSpot has done. A lot has been accomplished in less than a year. Well done everyone.
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