Upon Securing $2.5 Million in Financing, VIRURL Plans to Go Public
SANTA MONICA, Calif. / ACCESSWIRE / May 30, 2014 / VIRURL, Inc. ("VIRURL" or the "Company"), a native advertising company developing advertising technology to connect content owners with a targeted audience on the web, announced today that it has entered into a Letter of Intent (the "LOI") with Revenue.com Corporation ("Revenue Corp"), a Nevada corporation focused on acquiring best in class advertising platforms.
Under the LOI, Revenue Corp will secure at least $2.5 million of equity capital from its institutional investors prior to the merger with VIRURL. The capital will be used to accelerate product development, fund working capital to support the Company’s growth, and take the combined entities public.
"We are excited to partner with the seasoned capital markets experts at Revenue Corp," said VIRURL CEO, Francisco Diaz-Mitoma. "The team at Revenue Corp understands the enormous opportunity in native advertising and VIRURL’s strong position as a pioneer in the industry. We look forward to growing this relationship as we aggressively expand our reach with influencers and publishers on the web."
According to an article by iMedia Connection, eMarketer estimates that by 2017, sponsorship spending will exceed $3 billion. Major players in the industry include Taboola, which has 350 million unique visitors and boasts 130 billion content recommendations, as well as other companies that occupy the space including Outbrain, Sharethrough, and Nanigans. In a recent MediaPost article, it looked at J.P. Morgan analyst Doug Anmuth and his perspective on native advertising streaming from the J.P. Morgan’s annual "Nothing But Net Report". Anmuth stated, "We believe native ads are quickly becoming the de facto ad format on mobile and increasingly moving into desktop." He also stated that for Facebook, native ads made up just 5 to 10% of impressions in 2013, but accounted for more than 60% of Facebook’s overall revenue.
VIRURL, Inc. is an award-winning Santa Monica-based startup developing advertising technology for its REVENUE.COM platform. REVENUE.COM helps brands amplify the reach of their content and earns its publishers more money by delivering higher click-through rates than traditional banner ads. REVENUE.COM is a self-serve platform that allows brands and online media producers to easily launch native advertising campaigns in under 60 seconds using in-stream ads that blend seamlessly into a website's experience to entertain and inform the right audience at the right time. To date, REVENUE.COM has signed up over 100,000 influencers and publishers to earn revenue from distributing sponsored articles and sponsored videos. For more information visit http://www.revenue.com/.
About Revenue.com Corporation
Revenue.com Corporation is a newly-formed Nevada Corporation focused on acquiring best-in-class advertising and content marketing platforms.
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SOURCE: VIRURL, Inc.