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The deals boost Bain's growing media holdings. The firm led an $8.6 million B round for TargetSpot, joining
existing investors Union Square Ventures, CBS Corp. and Milestone Venture
Partners in backing the startup's streaming radio advertising technology. TargetSpot wants to be a leading ad network targeting online radio listeners, a base it claims has
grown 27% a year since 2000. The service launched last year with a mission of working
with radio stations across the country to monetize online listeners with
ad campaigns distinct from broadcast spots. The
company is aiming big with partnerships with Entercom Communications
Corp. [ETM], Beasley Broadcast Group Inc. [BBGI] and investor CBS Radio. But TargetSpot is also building from the
ground up by allowing users to begin using the platform with accounts starting with as little as $50. TargetSpot CEO Doug
Perlson cited Bain's experience in marketing and radio as important strategic
aspects of the round. Bain led a $6.5 million investment round in Invoke in March 2005. The company develops technology that helps businesses
process customer data. Invoke's new
round adds $7 million in funding, led by North Atlantic Capital and
including Bain and fellow early investor BEV Capital, which
specializes in consumer-oriented businesses. The funding will allow Invoke to broaden its technology
for mobile research services, taking advantage of new wireless network
capabilities. Bain Ventures' focus on new media may come in handy if regulatory scrutiny into its private equity activities go anywhere, as a House Energy and Commerce subcommittee convened Tuesday to look at the effect of recent private buyouts of telecommunications and media companies on the public interest, specifically looking at the pending buyout of Clear Channel Communications Inc. by Bain and Thomas H. Lee Partners, which was approved last month by the Justice Department and is expected to close by March 31. - Clifford Carlsen See March 11 press release from TargetSpotSee March 11 press release from Invoke Solutions See March 11 story from BusinessWeek For more see A VC, Xconomy and Silicon Alley Insider
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