SocialMedia, a popular advertising platform for social network applications, has hired boutique investment bank Savvian to help it raise a Series B round that will likely amount to around $20 million.
SocialMedia has been posting some impressive numbers over the last year, with about 7x growth in revenue and a reach of more than 20 million people. The company says that it serves more than 2 billion ad impressions monthly at around 50 cent eCPMs. Last month, the company announced that it had distributed a total of over $8 million to its 1000 participating developers, although a few particularity successful developers likely received the majority of the take.
SocialMedia intends to use the money to shift its focus from direct advertising (like banner ads) to brand-based advertising (like the company-sponsored actions you see in some Facebook applications).