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SimpleReach Raises $9 Million, Lands New CEO

New York startup SimpleReach has raised new funding and replaced its CEO, founder and former CEO Edward Kim tells Term Sheet. New funding for the "content data platform" startup totals $9 million, led by Spring Mountain Capital. Hal Muchnick, formerly of DoubleClick, Kontera, AddThis, and LowerMyBills, will become CEO.


This news is notable for two reasons:

1. In the last year, investors have viewed any startups related to advertising and marketing as toxic, in part, because the category was over-capitalized and VC portfolios are over-exposed to struggling assets.

But last month's sale of Moat, an ad verification startup, to Oracle for a reported $850 million has renewed interest in the category. Kim says after the Moat deal, "a ton of folks" that had passed on investing in SimpleReach "emailed [him] right away saying, ‘We want to catch up.'" It was too late -- Kim says SimpleReach had raised "more than enough capital" and doesn't want to take more dilution than needed.

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