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BizReport : Advertising : April 24, 2008
Travel Ad Network raises investment cash to expand globally
In an initial round of financing, Travel Ad Network has raised $15 million in venture capital to fund a global expansion project. The project will help TAN build the largest travel audience in the world.
Rho Ventures, Village Ventures and several individual investors led the financing segment.
“[Travel Ad Network] has built a very solid base with high quality sites and an exceptional staff focused on customer service which has attracted a top flight group of advertisers,” said Bo Peabody, co-founder and Managing General Partner of Village Ventures. “We know that our investment in TAN will bring us a significant return.”
The Travel Ad Network is a vertical advertising network which targets upscale, traveling consumers; they deliver more than 12 million unique users to advertisers each month according to a recent comScore report. The network has plans to expand their reach to 100 websites by year's end and to increase the number of websites in the network to 1000 by 2011.
In the US, there are more than 10,000 travel websites total with the top 100 garnering more than 1/3 of the traffic.
According to a recent report from Avenue A/Razorfish, travel advertising accounted for about 10% of the total online advertising spend in 2007.
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