TubeMogul Raises Less Than Expected With IPO
Wall Street’s disenchantment with ad-tech spilled over to the IPO market today, with video-ad-buying software company TubeMogul taking the hit.
The company’s stock may have risen over 49% at one point, but that was hardly a consolation for the eight-year-old TubeMogul, which had to scale back its targeted $11 to $13 per share to $7 and ended up raising only $43.75 million after seeking $93 million.
“It’s a challenging fundraising environment for companies in the ad-tech space,” said TubeMogul CEO Brett Wilson in an interview with Ad Age. “But the fact that we got a deal done and brought on a number of high quality public equity investors really is a testament to the differentiation of our models versus others.”