Ripple gets $4 million in VC raise
March 26, 2009 by Dave Haynes
In another vote of confidence for the space, particularly the hyperlocal ad network space, Ripple TV has announced a $4 million raise.
The LA-area company got the funding round from VCs Draper Fisher Jurvetson and Trinity Ventures. The company uses the business model of installing into retailers, particularly regional coffee and snack places, with screens that do the news, weather and entertainment thing. The Ripple TV lifestyle network is in Einstein Bros. Bagels, Noah’s Bagels, The Coffee Bean and Tea Leaf, Tully’s Coffee, Gelson’s, Juice it Up! and Robeks. Ripple also has screens in Borders book stores.
“Since its founding, Ripple TV has pursued strategic funding opportunities that give us the runway to enhance our product offering and expand our network,” said CEO John McMenamin in a press release. “The place-based digital television industry is an emerging media platform that has seen very strong growth. We plan to use this investment to continue providing a valued service to our viewers, advertising partners and distribution partners and to drive innovation in order to build on our leadership position in the digital place-based video media industry.”
This has to be encouraging for other new or already operating networks loking to get their money organized. Getting raises closed these days is tough, and I can only assume the Ripple business model was looked at really closely before any signatures went on those checks. The $4 million isn’t, at least in this announcement, tied to a further rollout, but if it was it would add maybe another 1,000-1,500 sites, which would double the current 1,500-site footprint.
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