DENVER, Aug. 4, 2014 /PRNewswire/ -- Altitude Digital, a leading video and display advertising technology company, announced today that it has secured a $7M credit facility from Silicon Valley Bank (SVB), a financial partner to the world's most innovative companies. Altitude Digital previously raised a growth capital round of equity financing from Mercato Partners in December of 2012. Since then, the company has doubled in size while maintaining profitability, making Altitude Digital attractive to both equity and debt investors.
The financing will help accelerate Altitude's growth, as the company plans to nearly double its workforce and accelerate the number of publishers leveraging Altitude's supply side programmatic platform and tools.
"It's an exciting inflection point for our company," says Jeremy Ostermiller, CEO and founder of Altitude Digital. "Our continued partnership with Silicon Valley Bank will help fuel the company's investment in our proprietary programmatic video platform as we continue to drive unique value for publishing partners and media buyers in the online advertising marketplace."
"Altitude Digital represents the type of companies we work with around the world, with innovative technologies, capital efficiency and patterns of high growth," says Ron Singh, Managing Director for Silicon Valley Bank in Denver, Colo. "The new financing will give the company additional flexibility to support Altitude Digital's continued expansion, as the team pursues its growth goals."About Altitude DigitalAltitude Digital delivers technology that streamlines the connection between buyers and sellers in online advertising. The company has built one of the fastest growing online display, video and mobile advertising marketplaces and was named No.54 on the Inc. 500 2 years in a row. Altitude Digital is headquartered in Denver, Colorado with offices in San Francisco, New York, Los Angeles and Salt Lake City. About Silicon Valley Bank Banking the world's most innovative companies and exclusive wineries, SVB offers diverse financial services, knowledge, global networks, and world-class service to increase our clients' probability of success. With more than $29 billion in assets and more than 1,700 employees, we provide commercial, international and private banking through our locations around the world. Forbes Magazine ranks us among America's Best Banks and Fortune named SVB one of the best places to work. (Nasdaq: SIVB) www.svb.com. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SOURCE Altitude Digital