MUMBAI: Cambridge-based mobile advertising startup Jumptap has raised $27.5 million in seventh round of funding. The company will use the funds to accelerate growth through additional investments in product and technology development, ahead of its initial public offering.

Keating Capital participated in this round of funding along with existing investors including General Catalyst Partners, Redpoint Ventures, Summerhill Venture Partners, Valhalla Partners and WPP.

The seven-year old company has so far raised $121.5 million.

General Catalyst Partners co-founder and managing director and chairman of the board at Jumptap John Simon said, "Jumptap tackled the challenge of honing mobile ad targeting and understanding mobile audience, and it is flourishing on this path. Under the direction of its innovative leadership team, Jumptap has emerged as a leader in the market."

Over the past year, Jumptap has entered strategic partnerships with nearly 20 third-party data providers such as Polk, Acxiom, Datalogix, TARGUSinfo, Catalyst, and i360 thus becoming the first to bring offline data to mobile advertising.

The company has found a new vigour in the last two years since George Bell has joined as CEO.

Bell said, "The mobile advertising industry continues to grow at more than 50 per cent annually. Jumptap is growing in excess of that. We are focused on expanding our leadership in this surging market, developing our patented technologies in data and targeting, and preparing the company to go public."

Jumptap has experience across major verticals such as automotive, retail, entertainment, consumer packaged goods and financial services and each month the agency reaches 107 million mobile users in the US and 156 million mobile users worldwide, and delivers 20 billion mobile impressions. The company also has with 29 patents issued and 200 pending.

Goodwin Procter served as Jumptap‘s outside counsel for the transaction.