Lat49 raises $1.5 Million in Series A financing

Vancouver’s Lat49 announced today that they have closed a $1.5 Million Series A financing led by PenderFund Capital Management with participation from existing investors including Discovery Capital.

We’ve been very impressed with the rapid adoption of Lat49’s solution by major clients,” says John McEwen, CEO of Discovery Capital. “Contextual advertising – advertising that is driven by location awareness, is the cornerstone of most web and almost all mobile consumer interactions. And Lat49 has emerged as the strong leader in contextual advertising.”

Lat49 provides a major step forward for monetizing the LBS [Location-Based Services] industry,” says David Barr, Chief Investment Officer at Pender and Fund Manager of Pender Growth Fund. “Having experienced the trends in location aware and SaaS [Software as a Service] offerings first-hand, Lat49 has nailed the ability to leverage location for the delivery of highly relevant advertising to Internet users.”

David Roberts, Entrepreneur in Residence at Pender, will join Keith Ippel and John McEwen on the Lat49 Board of Directors.