RealTime IT News

Avenue A Secures $19 Million in Venture Financing

Seattle-based interactive agency Avenue A Inc. completed a $19 million round of financing by three venture capital firms.

The round was led by Oak Investment Partners of Palo Alto, CA, with participation by US Venture Partners of Menlo Park, CA and Seattle-based Voyager Capital.

The company said the funds will be used to further Avenue A's expansion and to support its growing client base. In the short term, the company will expand its Seattle headquarters. Over the past 12 months, the company has increased its staff from approximately 20 to 90 employees.

Avenue A, founded in 1997, said it also intends to significantly expand its data analytics group and enhance its ability to predict what works for each of its online advertising clients.

"We believe Avenue A is the premier Internet media and data marketing company," said Fred Harman, Partner with Oak Investment Partners. "Avenue A has a unique value proposition that is in high demand, coupled with a well-defined strategy for rapid scalability, both of which are vital for staying ahead."

Avenue A clients include Eddie Bauer, RealNetworks, Soma.com and CitySearch. Including this round, the company said it has raised approximately $26 million since its inception.