Digital Ad Company Turn Raises $80M, Stays Vague On Possible IPO Plans


Turn, which describes itself as a “post-ad-tech” company, is announcing that it has raised $80 million in Series E funding, bringing its total investment to more than $135 million.

The round was led by unidentified investors (Turn said they’re “two of the world’s largest investment firms”) with participation from new backers ClearBridge Investments, Firsthand Technology Value Fund, Northport Investments, and Pine River Capital Management, as well as previous investors Norwest Venture Partners, Trident Capital, Shasta Ventures, and Focus Ventures.

(Update: A report in Bloomberg stated that one of the leads was BlackRock, which I have confirmed with a source who has knowledge of the funding. My source also identified Fidelity Investments as the other lead. Turn declined to comment.)

In November, AdExchanger reported that Turn was raising a round at a valuation of “up to $700 million” in preparation for an initial public offering this year. (2013 started…

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