Location-powered mobile advertising company Verve Mobile announced today it has closed its Series C financing led by Nokia Growth Partners, a global growth stage venture firm focused on mobile technology, services and media with participation from new investor Qualcomm Incorporated, acting through its venture investment group, Qualcomm Ventures (QCOM), and Series B lead investor BlueRun Ventures.
The capital will be used to further develop and expand Verve’s proprietary mobile location-based advertising and publishing products and to grow its marketing and sales capabilities.
“Verve’s focus is combining big data, location-based services (LBS) and ad technologies to make mobile advertising work better for advertisers and publishers,” said Tom MacIsaac, Verve Mobile CEO. “Nokia and Qualcomm are global leaders in mobile technology innovation and have important insights, assets, initiatives and relationships that can help Verve maintain its lead in location powered mobile advertising.”
John Gardner of Nokia Growth Partners has joined Verve’s Board in connection with the financing, and Quinn Li of Qualcomm Ventures has become a Board Observer.
Verve Mobile’s customers are national-brand advertisers who want to engage consumers on their mobile devices with location-aware, data-driven and highly targeted marketing, the company said. Verve has offices in New York, Washington D.C. and San Diego, California.