Silicon Valley Bank has stumped up a $7 million credit facility for video and display advertising technology Altitude Media.
The firm plans to use the money to double its workforce and boost the number of publishers currently using Altitude’s programmatic-supporting, supply-side platform (SSP).
Headquartered in Denver, Altitude says it has one of the fastest growing online, display, video and mobile advertising marketplaces thanks to the way it connects buyers and sellers of online ads.
Partnership
Jeremy Ostermiller, CEO and founder of Altitude Digital, commended his company’s association with Silicon Valley Banks, which has more than $29 billion in assets.
“Our continued partnership with Silicon Valley Bank will help fuel the company’s investment in our proprietary programmatic video platform as we continue to drive unique value for publishing partners and media buyers in the online advertising marketplace.”
One of Altitude’s more recent capital-raising efforts came in 2012, courtesy of Mercato Partners. It has doubled in size since, and the company now feels it presents an attractive prospect to both equity and debt investors.