Monetizing remnant advertising is not an easy task, but 5to1, a TC50 finalist, seems to be off to a good start, and they’ve added on another $1.81 million to their previous round of $4.5 million from existing investors Fuse Capital and Prism VentureWorks. The platform employed by 5to1 gives content owners the ability to place ads in relevant places at the right time, and to the correct audience. The company is run by former Fox Interactive executives Jim Heckman and Ross Levinsohn and this extension brings its total intake of funding to just over $6.3 million.
Jim Heckman, the founder and CEO of 5to1, says the following about the funding:
“5:1 secured a small extension of funding to add a little runway so we could stay focused on growing the business. Wasn’t an urgent move, but our adoption is much better than expected, so didn’t want to risk any loss of focus. No new partners or investors were involved and we don’t expect to be engaged in money raising activities in the near future.”
5:1 did note the extension, when final paperwork is filed, will “end up at $2 million” and the company is days away from surpassing 400 million duplicated uniques amongst 30 distribution partners.
For more information on 5to1, check out our TC50 coverage.