Verve Raises $7M, Studies Mobile ‘Paradox’ for Old Media Customers

3/21/12Follow @bvbigelow

Verve Wireless has raised at least $7 million from investors in a new round of financing, according to a recent regulatory filing. Verve, which has headquarters both in Encinitas, CA, and Washington, D.C., also is addressing a fundamental challenge as it builds out its Web-based technology, which enables regional newspapers, broadcast stations, and other media companies to offer their local news and advertising to a variety of smartphones, tablets, and other mobile devices.

“We are in the middle of a raise,” confirms Greg Hallinan, Verve’s chief marketing officer. But Hallinan would not discuss details of Verve’s latest funding round, at least not at this time. Based on $3.5 million in funding disclosed last year and $12 million that Verve raised during the first five years, the company has gone to the well for at least $22.5 million in startup capital since it was founded in 2005.

Verve is still expanding, which is a topic that Hallinan was happy to discuss. He says Verve’s combined network of media customers is registering 91 million unique U.S. visitors per month. Verve also has expanded its headcount to 50 employees in three cities—Encinitas (where co-founder and president Tom Kenney is based), Washington, D.C., (where CEO Tom MacIsaac is based), and New York (where much of the U.S. advertising industry is based).

As robust as that sounds, Hallinan says the market for mobile media content remains particularly challenging, and Verve has been conducting a series of studies in an effort to … Next Page »

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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