Silicon Valley VC Pays $48M for Minor Stake in Adknowledge

Technology Crossover Ventures invested $48 million in Adknowledge, a 70-person Kansas City firm that helps online publishers and small businesses advertise online.

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 owner Intermix Media, recently joined Adknowledge as president. News Corp. last year paid $673 million for, 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.

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