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Altitude Digital announced a $30 million increase in funding, sourced from FastPay Partners. This latest infusion of cash brings the company’s total funding to $45 million.
The company was launched in 2009 by CEO and founder Jeremy Ostermiller, a Colorado native who boasted revenues around $60 million last year.
Altitude Digital, which is based in Denver, plans on using a significant chunk of this latest funding to expand into the mobile web. According to the company, video ad budgets are expected to continue growing exponentially, reaching over $23 billion by 2017. An estimated 34% of all online video plays last year happened on mobile devices, a year over year increase of 17%.
In addition to going mobile, Altitude Digital intends on using the funding to take Europe by storm.
“We’re going to get really aggressive in Europe in 2015 and into 2016,” Ostermiller said in a statement.
Presently the company has its home offices in Denver, with satellite offices in Los Angeles, New York and San Francisco. They are looking at Germany, Italy and Spain as potential targets for new office.
It is yet unknown if the company will build out their presence in Europe, or simply buy a competitor there.
“If we were to build, we would open a European headquarters in London or Amsterdam, but at the same time, we’re looking at a couple of different acquisitions that would get us to market quicker,” Ostermiller said. “Overseas in particular we’re looking for companies with established sales teams that have programmatic experience in video and mobile.”
In addition to their push toward mobile and a possible European expansion, some of the money will be spent beefing up the company’s data infrastructure.
As far as staffing goes, Ostermiller says the company is planning on doubling its current staff to around 200 in 2015.
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