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Santa Monica-based GumGum confirmed they raised $26 million in their most recent round of funding. The online image-based advertising startup listed Morgan Stanley Expansion Capital, NEA, Upfront Ventures, and First Round Capital as the principal contributors.
The funding is GumGum’s latest since its Series B in 2011 that raised $7 million. Yesterday’s funding now brings their funding total to $36.6 million since 2008.
GumGum CEO Ophir Tanz said the funding will go towards R&D, international expansion, as well as some new marketing objectives. He eyes Europe as the company’s next endeavour, beginning with an office in London.
The eight-year-old company has made its mark on the advertising industry by incorporating ads within images on company websites rather than the industry-standard isolated ad boxes.
After steady growth, the company has now expanded to six major US cities while maintaining their headquarters in Santa Monica.
Tanz admitted New York, their second largest office, is more suited for their industry, however, the native Angeleno said he has no plan to relocate their headquarters after witnessing Los Angeles’ booming tech growth within the past few years.
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