By: E&P Staff
Verve Wireless, the provider of ad network and publishing platform for local news media, said Tuesday it had raised another $7 million in a round of financing led by BlueRun Ventures.
Verve said The Associated Press, which had previously invested in the company, also participated in the round of funding. All told, Verve has raised $9.5 million, it said.
”The capital will be used to further develop and expand Verve’s products and services, including the largest premium local advertising network and publisher platform,” San Diego-based Verve said.
AP, The McClatchy Co., MediaNews Group, Hearst, Philly.com and A.H. Belo are among the publishers and media companies that use Verve technology to distribute and manage news and targeted advertising across mobile platforms ranging from Android to the iPhone. Verve says 7 million of its news apps have been downloaded to date.
BlueRun Ventures is an early-sate venture capital firm that has invested in such ventures as PayPal.