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Q1Media, Inc., an online advertising technology company, announced that it has secured debt facilities totaling $8 million to expand its operations. Silicon Valley Bank provided $5 million in senior debt and Partners for Growth agreed to provide $3 million for a junior debt facility.
"We are pleased to enter this relationship with Silicon Valley Bank and Partners for Growth," stated Phil Banfield, CEO, Q1Media, Inc. "After a successful 2013 in which we experienced 90% revenue growth and achieved profitability, we now have the means to step up the pace of our expansion and more rapidly gain market share in the supply-focused Ad Tech space."
Q1Media works with web publishers to maximize their display and video advertising revenue across desktop, tablet and mobile platforms. Q1Media reaches over 200 million unique monthly visitors and generates over 500 million paid video ad views per month through its relationships with over 1500 web publishers.
"Helping the Q1Media team get to the next phase of business growth is exactly what we strive to do with specialized financing and banking services tailored to innovative companies of all sizes," said Travis Wood, Managing Director for Silicon Valley Bank. "Q1Media is taking advantage of the opportunity in the market, and we're glad to be there to support them as they continue to grow."