Online Video Ad Network SpotXchange Secures Angel Investment, By David Kaplan – Fri 01 Feb 2008 04:34 PM PST

Online video ad network SpotXchange has raised an undisclosed amount of angel funding, the company tells us. Of its several investors, the Westminster, CO,-based company’s most notable backers is Alex Bogusky, chief creative officer of Crispin Porter + Bogusky. The other six individuals who came together to support SpotXchange are former portfolio managers with Janus Fund. Up until now, the company, which is aiming to compete against companies like Tremor Media and Broadband Enterprises, has gotten by with operating cash from its parent Booyah Networks, an online ad agency. Bogusky, in a statement, said he liked SpotXchange’s tools. Still, he couched his praise by indicating that the space is still fairly nascent. As for the funding, the company plans to use the proceeds to open up more offices, add new hires to its development team and come up with new ad units.

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