Silicon Valley VC Pays $48M for Minor Stake in Adknowledge
The investment gives Technology Crossover, Palo Alto, CA, a minor interest in Adknowledge, whose specialty is designing contextual ads for clients that are placed on Web sites and in e-mails. Adknowledge will use the money to expand its business.
Scott Lynn, the founder of e-mail marketing firm Virtumundo, launched Adknowledge in January 2004. It recently opened a sales office in San Francisco and plans one in New York.
Brett Brewer, former president of former MySpace.com owner Intermix Media, recently joined Adknowledge as president. News Corp. last year paid $673 million for MySpace.com, a social networking site.
Technology Crossover in November closed a $1.4 billion venture capital fund. The company has financed firms like Netflix, Expedia and CNET.