By Evan DeSimone
UPDATED: A Virool rep told VideoInk that the figure reported to Crunchbase was “inaccurate.” The figure has since been updated to $20 million. We will continue to follow the story and update accordingly.
Programmatic video ad servicing platform Virool has secured $5 million in Series A Funding from Flint Capital according to a report from Crunchbase.
Virool is best known for its previous funding exploits. In 2013, the Y Combinator-backed startup scored $6.62 million in seed funding from institutional investors including Menlo Ventures, as well as big name individual investors like Reddit Founder Alexis Ohanian. That initial cash infusion gave Virool the distinction of having the largest seed round of any start-up to emerge from Y Combinator’s prestigious incubator.
Flint Capital, which supplied the cash for Virool’s latest funding round, is no stranger to the space. Most of firm’s recent investments have been in the advertising, mobile and finance technology sectors. In addition to their $5 million contribution to Virool’s Series A round, Flint sank its teeth deeper into the programmatic space today, dropping $2 million in venture capital on PLYMedia, a Tel Aviv start-up engaged in building a global performance-based ad exchange network.
The news comes at a time when the programmatic market is heating up. Programmatic leader SpotXchange recently rebranded to SpotX to reflect its expanded range of programmatic services beyond the exchange market. Hulu announced its intention to build an in house programmatic ad exchange in partnership with Facebook’s LiveRail and AOL snapped up Millennial Media in a deal that will give the web giant an even more massive foothold in the ad tech space.