Representatives from video game advertising network Massive Incorporated have announced that the company has raised $10 million new funding, at the end of a Series C financing round.
The round was led by NeoCarta Ventures, and was joined by previous investors DFJ Gotham, DFJ New England, RRE Ventures, Tobat Capital, and Newlight Associates. As a result, NeoCarta MD Thomas W. Naughton will join Massive's board of directors.
This is just the latest in a series of funding rounds that has seen the company, which has deals in place to put ads in over 40 game titles from eight publishers, including Ubisoft and Vivendi Universal, attract a number of prominent venture capitalists, with $5.5 million in funding in July and $2.1 million in September 2003.
In December 2004 the company announced that it had joined forces with Nielsen Interactive Entertainment, who will provide third-party accountability and measurement for in-game advertising on the Massive network. This is one of the most concerted attempts to increase and formalize the existence of advertising in games, and the company’s plans seems to have impressed its investors.
By the end of 2005, the Massive network aims to deliver an advertising reach of over 4 million 18-34 year old men, as large as TV affiliate reach numbers today.
"The in game advertising market will have the potential to grow to over $2 billion by 2008 and Massive is leading the charge," said Naughton. "With video games poised to take their place alongside TV and print as a major advertising medium, we are excited to help drive Massive's success."