RealTime IT News

AllAdvantage.com Raises $31 Million in Equity Financing

"Get paid to surf" company AllAdvantage.com said it completed a second round of equity financing, raising an additional $31 million in capital.

Lead investor is Walden Media and Information Technology Fund.

Others are Times Mirror TMCT Ventures, Partech International, J&W Seligman's New Technologies Funds and Communications and Information Fund as well its off-shore counterparts, Technology Partners, and first-round investor Alloy Ventures.

Through its proprietary Viewbar, AllAdvantage.com allows marketers to interact with online users in a targeted manner. Members are rewarded for their time online.

"Those who understand the evolving Internet economy have taken a hard look at our progress, measured the lead we have built over the past five months, and decided to join," said AllAdvantage.com CEO and co-founder Jim Jorgensen, an entrepreneur whose earlier companies include Discovery Zone Inc.

The company said it will use the $31 million to expand membership growth, technology development and branding and advertising.

Rich LeFurgy, chairman of the Internet Advertising Bureau, will represent Walden on the AllAdvantage.com board.

"AllAdvantage.com has created a successful new environment where for the first time consumers get paid for their economic value," said LeFurgy.

"The consumer is not just getting products and services, but significant recurring cash with no strings attached, and the advertiser is able to deliver highly targeted ads to the receptive community."

Also joining the board is Thomas Unterman of Times Mirror's TMCT Ventures.