Over the past year, innovative Queen-and-Spadina-based startup
Shiny Ads has raised more than $1.36 million in capital and added two new staff members to its team, bringing its total number of employees to six.
Launched in January, 2010,
the service offers an automated self-serve way for media companies to accept and serve small advertisers on online and mobile platforms. The company had grown to four staff by last March, when president Roy Pereira says the company raised $470,000 in capital to finance growth in a round led by Intertainment Media, Maple Leaf Angels and York Angels. That private fundraising
triggered a $197,500 loan from the federal government agency FedDev Ontario. Pereira says that after receiving the money from FedDev, the company hired two new sales staff—bringing its sales team to three—to kick-start growth.
"We have subsequently raised another round this
January of $700,000" from the original three private investors, Pereira says.
The next step is hiring two more software engineers.
"Our pipeline is better than it has ever been and we are closing larger premium publishers," says Pereira. "Overall, that gets us into a better place for a larger financing round later this year that will allow us to grow even faster."
Writer: Edward Keenan
Source: Roy Pereira, President, Shiny Ads