Ad firm ContextWeb snags $26 million in funding

Advertising exchange owner ContextWeb closes funding round of $26 million.

July 22, 2008 8:47 AM PDT Follow @elinormills

If there was any doubt that online advertising was cooling down, this news might make you think twice.

ContextWeb, a contextual advertising firm and operator of the ADSDAQ Exchange, has closed a $26 million Series D funding round, the company said Tuesday.

The round was led by Investor Growth Capital, with participation from all existing investors: DFJ, DFJ Gotham Ventures, Updata Partners, DFJ New England, and Gold Hill Capital.

This brings ContextWeb's total equity investment to $54 million.

The funding will be used to grow the ADSDAQ Exchange, which offers a way for advertisers and publishers to buy and sell ad inventory, the company said.

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