News

Adspace secures $20M financing

July 31, 2007

NEW YORK — Adspace Networks Inc., owner of the largest in-mall digital video advertising network in the country, has completed a $20 million series E financing round and added James M. Gould, managing general partner of The Walnut Group and a director of Build-a-Bear Workshop, to the board of directors.

The Walnut Group's co-investment partner is The Hauser, Davis & Tysoe Group (HDT). One of its principals, Ronald W. Tysoe, former vice chairman of Federated Department Stores, will serve as a board observer.

In addition to The Walnut Group, a private equity fund based in Cincinnati and New York City, and HDT, the remainder of the funding came from Adspace's existing family of investors, including AIG (managed by Cartesian Capital), Steelpoint Capital, DCM and GIC investments.

This news follows the recent release of a Nielsen efficacy study that shows that nearly half of mall shoppers (47 percent) viewed content provided on the Adspace Mall Network's Smart Screens and, of those viewers, an average of 34 percent recalled each ad on the network.

The Walnut Group's Mr. Gould has more than 25 years of experience in development, marketing and negotiation in the areas of investment capital, banking, real estate, sports and entertainment. Gould is a director of the Build-A-Bear Workshop and has produced, distributed, and packaged numerous motion pictures, television and entertainment events. Mr. Gould has been a frequent investor, through his partnership with Walnut's Chairman Frederic H. Mayerson, and has co-produced several award winning Broadway musicals including "Smokey Joe's Café," "Hairspray", and "Jersey Boys."