New investment for Utarget hits the spot
Utarget, the online advertising services company, has received £2.5m of investment from Foresight Venture Partners.
The company hope to gain from the growing online advertising market which was estimated to be worth as much as £2bn in 2006.
Accountants PricewaterhouseCoopers estimated that this market will grow on an annual basis and could be worth as much as £10bn by 2010.
Utarget purports to have created the UK’s ‘first online TV and video advertising network’, serving full-page TV-style ads on websites for clients.
Big name clients include BT, Vodafone, Barclays, Dell, eBay, and the Royal Mail.
The company say that there format is currently the method of choice for advertisers who are looking to service providers and ad networks such as Utarget to deliver their message.
Phil Cooper, chief executive officer at Utarget, said: “The Foresight funds will speed up our expansion into Germany and France, the two main European hubs of online activity after the UK.
“This will allow us to develop our position as the leading online TV ad network for brands that are looking to ride on major changes in consumer viewing behaviour over the next three to five years.”
Andrew Page, partner at Foresight Venture Partners, said: “Utarget is very well placed to help brands take advantage of seminal changes in consumer behaviour, as more purchases are made online.
“The impact of broadband will mean that much more TV and video are viewed over the internet, and ad spending has to adjust to this.
“Google’s acquisition of YouTube has already shown that there is real value in this market.
Utarget’s niche is in enabling major brands to feel secure that their ads are being viewed in the right places by the right people.”
Utarget was advised by Ardent Advisors on the deal.
© Crimson Business Ltd. 2007