MediaMath closed another round of funding led by Boston-based growth equity firm Spring Lake Equity Partners, formerly the private-equity arm of Tudor Investment.
The Series C financing round brought in another $73.5 million. This time, Akamai Technologies joined existing investors Safeguard Scientific, Catalyst Investors, and Observatory Capital.
MediaMath plans to use the funding to expand globally and support international offices in the EMEA, APAC and Latin American markets. The funds also will help it develop new products and features of its flagship technology, the TerminalOne Marketing Operating System, which enables modern marketers to reengineer their marketing to improve results.
Akamai's and MediaMath's history makes the investment a little more interesting.
MediaMath acquired Akamai's ad business in January and rolled it into its Adroit business unit, relaunching as Adroit Digital. At the time, a license agreement gave the company free reins for Adroit to take the data off the Akamai network and integrate it into its advertising program for clients like Winterbridge Media, a direct-response agency.
In May, MediaMath launched a developers' blog to serve as a platform for the company's engineering and product teams to communicate with the other engineering communities. The company hopes it will become a channel to showcase how they manage data at global scale through data centers on five continents that form the backbone of a platform that consumes and optimizes more than 80 billion impressions daily.
Most recently, Akamai lost a patent case when the U.S. Supreme Court ruled in favor of Limelight Network. Akamai filed the case in 2006. While Pfizer, Johnson & Johnson and Novartis provided support for Akamai, tech companies Facebook, Google, Cisco, and eBay sided with Limelight.
MediaMath's debt facility was led and syndicated through Silicon Valley Bank. GCA Savvian acted as exclusive financial advisor in connection with the equity portion of this transaction. The company also increased its debt facility to $105 million for a total funding of more than $175 million.