RealTime IT News

Narrative Closes on $5 Million in External Financing

Waltham, MA-based Narrative Communications Corp., a Web ad solutions company, said it has completed a third round of external financing, totaling $5 million.

Led by Carlyle Venture Partners, $210 million venture capital fund affiliated with the Washington D.C.-based Carlyle Group, and joined by previous investors Accel Partners and Greylock Management, this round of financing will enable the company to pursue sales, marketing and development programs aimed at expanding the market for its flagship product line, Enliven, Narrative said.

"In the short period since Enliven 2.0's release, interest in the product has skyrocketed, an obvious reflection of the strong demand that exists for technologies that enable more expressive and effective forms of advertising on the Web," said Hilmi Ozguc, Narrative's CEO. "The financing will allow us to escalate our efforts to capitalize on this opportunity."

Investment in the company, including the current round of financing, totals $13 million.