Spongecell, Inc., an advertising technology company that turns standard banner ads into dynamic ads with rich media features, has raised $10 million from Safeguard Scientifics, Inc. (NYSE: SFE). The Series B round closed on January 27, 2012 according to Spongecell’s SEC filing.
Spongcell intends to use proceeds to fund Spongecell’s continued expansion including product development, sales and marketing, executive and staff recruitment, and other working capital needs.
Eric Schmidt, Google’s Executive Chairman and a Spongecell director, and Halo Venture Partners are among Spongecell’s investors.
