Safeguard’s banner investment in Spongecell

Feb 8, 2012 • Robert Lavine

The online banner advertising company backed by the Interpublic Group garners investment from life science and technology investment holding company Safeguard Scientifics.

Investment holding company Safeguard Scientifics led a $10m series B funding round for US-based advertising technology company Spongecell on Tuesday. Safeguard counts a number of corporate venturing funds among its syndication partners, while Spongecell was backed by advertising company Interpublic Group in 2007.

The round follows an undisclosed amount of series A capital attracted from investors including executive chairman of Google, Eric Schmidt, hedge fund manager Jim Pallotta and private equity firm SilverHaze Partner last year. Other previous backers…

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