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Greystripe secures $5.5 million new funding to unify online and mobile ads as one solution

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Mobile advertising network Greystripe has raised an additional $5.5 million in Series C funding led by its existing investor Incubic Venture Capital, with Steamboat Ventures and Monitor Ventures participating. The company is now aiming to solve the biggest problem in mobile advertising.

Despite massive industry projections around mobile advertising’s growth, many brands and agencies have debated the additional value in creating mobile-centric advertising formats and campaigns. Greystripe is looking to solve this issue by integrating its mobile inventory directly into industry-accepted online media buying software. This integration allows for ad agencies to simply click to add mobile and also allows for Flash advertisements, normally only available on the web, to appear on the iPhone.

Elevator Pitch contest launched

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StartupNation has launched the 2009 “Elevator Pitch” contest to recognize the next great business ideas and entrepreneurs worthy of funding.

Sponsored by Toshiba America Information Systems and GoToMeeting and Citrix Online, the winning entrepreneurs will receive a pre-arranged one-hour presentation to top tier investors and give them a competitive edge in seeking investment in this challenging economic climate.

Contestants interested in competing in the contest can submit an video pitch until March 20, 2009. Video submissions should be quick-hitting business plan pitches designed to entice investors (thirty seconds and 100-150 words). The top 100 contestants will be selected by popular vote and then judged by a panel of StartupNation judges as well as an outside panel of renowned angel and seed stage venture capital investors. The top five pitchers will be announced on April 7, 2009.

Yodle secures $10 million funding

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Yodle, Inc. has completed a $10 million Series C funding led by JAFCO Ventures. They were joined by Draper Fisher Jurvetson Growth and existing investors Draper Fisher Jurvetson and Bessemer Venture Partners. The funds will be used to double investment in product and technology innovation as well as to continue a national sales expansion.

Demand for local online advertising fueled tremendous growth at Yodle in 2008, despite the economic downturn. The New York-based company reported 700% year-over-year revenue growth from 2007 and ending 2008. Yodle now boasts approximately 5,000 customers – up from 125 in 2006.

Palm secures $100 million equity funding

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Elevation Partners has agreed to make an additional $100 million equity investment in Palm. Under a definitive agreement, Elevation will increase its investment in Palm by acquiring newly issued Series C preferred stock that is convertible into Palm common stock at a price of $3.25 per share. Elevation will also receive warrants to acquire 7 million shares of Palm common stock at the same price. Prior to March 31, 2009, Palm may elect to cause Elevation to sell up to $49 million of this new investment to other investors on the same or better terms than on which Elevation invested.

“The additional capital from Elevation Partners will enable us to put added momentum behind the new product introductions scheduled for 2009 and will provide us with enhanced stability in unsettled economic times,” said Ed Colligan, president and chief executive officer of Palm, Inc.

Tagged secures $5 million in venture debt

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Tagged Inc. has raised $5 million in venture debt that would allow the company to accelerate its growth and expand the services and features of its social discovery site Tagged.com. The venture debt was provided by Horizon Technology Finance and Leader Ventures.

“The additional funds will enable us to continue to support our growing traffic, which has increased by more than 500% this year,” said Greg Tseng, co-founder and CEO at Tagged. “Horizon Technology Finance and Leader Ventures are ideal partners for us as we scale revenues and profits in the coming year. The fact that we’ve been able to raise venture debt during the current credit crisis underscores the amazing progress our team has made, as well as the tremendous opportunity that lies ahead.”