Modiv Media wins $8M in funding

By Mickey Alam Khan

January 25, 2008

Modiv Media will use the financing to improve technology

Modiv Media, a retail and mobile media delivery firm, won $8 million in extra funding.

The funding came from current investors Ignition Partners, Oak Investment Partners and SeaPoint Ventures.

"It's all about expanding our footprint in terms of growing our overall business," said Bob Wesley, CEO of Modiv Media.

The news comes a day after mobile ad network Ad Infuse announced a $12 million investment in the company from venture capital firms.

Modiv Media will use the financing to improve technology, expand its retail business, boost professional services and hire more senior staff. The Modiv MediaHub analytics engine and campaign management tool will get more attention, too.

The Boston company already hired Nick Vadala as chief financial officer. He has worked at companies such as JLS/Direct Response Solutions, Winterberry Group, CPS Direct, National Leisure Group and Rapp Collins Worldwide.

Also, Mikle Surilov has been promoted to vice president of engineering.

Modiv Media was formed in March with the merger of Mobile Lime, a mobile loyalty firm, and in-store self-service service provider Cuesol.