Nexage, the leading mobile advertising exchange with the market's most advanced real-time bidding (RTB) platform, today announced it closed an additional $5 million in funding from Hearst Interactive Media. With the $5 million financial investment, Hearst joins SingTel Innov8, Relay Ventures and GrandBanks Capital in Nexage's Series B round totaling $15 million.

The mobile advertising market is expected to grow to $20.6 billion by 2015 according to Gartner. Mobile RTB is expected to fuel that growth and constitute almost 30% of the mobile advertising market by 2015. The continued sector growth and the increasingly strategic role of mobile RTB were key drivers of the investment.

Hearst's investment acknowledges Nexage's early leadership in this rapidly growing sector. Nexage was first to introduce mobile RTB, was a key architect of OpenRTB that established the first cross-industry standards for mobile advertising and has led the charge to enhance targeting within a sound and sustainable privacy environment. The full $15 million Series B raise affirms Nexage's clear opportunity to drive the market forward and benefit from the extraordinary growth of mobile RTB.

"Nexage has been able to take and maintain industry leadership, especially in mobile RTB," said Darcy Frisch, vice president, Hearst Interactive Media. "We are thrilled about this opportunity to invest in Nexage, helping it shape and expand a market that has become increasingly vital for publishers and advertisers alike." With this round of financing, Frisch will join Nexage's board of directors.

"We are excited about Hearst Interactive Media being a part of our Series B round, they are a tremendous asset as a Nexage investor and board member," said Ernie Cormier, CEO and president of Nexage. "Our mission remains the same with this additional Series B funding: to extend our RTB leadership, champion and support the needs of our premium customers, and accelerate the maturity of the mobile advertising market."

"We are proud to have led Nexage's Series B financing with strong investors such as Hearst Interactive Media, GrandBanks Capital and Relay Ventures," said Punit Chiniwalla, director of investments for SingTel Innov8. "Nexage, with its RTB leadership, is poised to help the mobile advertising market realize its full potential."

About Nexage

Nexage is the leading mobile advertising exchange, connecting over 300 publishers and developers with over 150 demand sources. The Nexage Exchange, powered by Nexage's innovative integrated RTB and mediation platform, is the market's most advanced and complete exchange. As part of Nexage Exchange, RTB has scaled and continues to grow more than 70% per month, creating the largest and fastest growing RTB-driven mobile exchange. The Nexage Exchange delivers both public and private exchanges to enable buyers and sellers to benefit from a vibrant, highly liquid market with the associated controls so that both buyers and sellers grow their respective businesses as they want. Nexage serves customers on a worldwide basis with offices in Boston, New York, and San Francisco. Come visit us at www.nexage.com or follow us on Twitter @Nexage.

About Hearst Interactive Media

Hearst Ventures, part of Hearst Interactive Media, is a venture capital organization focused on investment opportunities in innovative early-stage companies operating at the intersection of media and technology. The group is the strategic venture investment arm of Hearst Corporation, one of the nation's largest diversified media and information companies. Hearst's major interests include magazine, newspaper and business publishing, cable networks, television and radio broadcasting, Internet businesses, TV production and distribution, newspaper features distribution, business information and real estate. Hearst Ventures works closely with its portfolio companies and brings to bear an expansive network of contacts, resources and insights from across Hearst. The group has invested in more than 50 companies in its 15 years of operation. For more information, visit www.hearstinteractivemedia.com .