Mobile ad network Todacell has raised an additional $1 million round of funding from existing investor AfterDox. The plan is to use the new money for sales and marketing, with five new sales offices opening in New York, Los Angeles, Toronto, London and Bombay.
Those unfamiliar with Todacell (myself included) should know they work with a limited number of publishers such as Fring, MobiLuck, Mocospace and TuneWiki, in order to better optimize performance for each publisher. On the other hand, this allows advertisers to know exactly on which publishers their campaigns will appear.
In addition to mobile phones, Todacell’s ad network extends to other non-phone mobile devices, including hand-held gaming consoles by Nintendo, PlayStation and Sega, and soon Apple iPad and Amazon Kindle.
According to J.P. Morgan’s analyst Imran Kahn, mobile display advertising space in which Todacell operates will grow 81% this year from $140 million in 2009 to $253 million in 2010.
To date, Todacell has secured $2 million from AfterDox and others, including $350,000 seed funding from the Fore Group.
Other mobile marketing companies aren’t sleeping as well. Google acquired AdMob, Opera – AdMarvel, Apple – Quattro Wireless, while GE/NBCU’s Peacock Equity Fund invested in Greystripe.