European venture capital firm Wellington Partners has invested an undisclosed amount in Munich-based online advertising network Adconion Media. The business’ clients include advertising agencies, direct advertisers and online media owners.
Before 2008, the business plans to open offices in France, Australia, Scandinavia, China, the US and Canada. Founded in 2004 as Euroclick, Adconion has offices in Munich, London and Los Angeles.
There has been much recent activity in the online advertising sector. US buyout firm Hellman & Friedman recently sold digital marketing business DoubleClick to Google for $3.1 billion (€2.3 billion).
Wellington Partners has €500 million under management and was established in 1991. The firm recently held a first close of its third life sciences fund, Wellington Partners Ventures III Life Science Fund, on €50 million. It expects to hold a final close at €120 million in the summer.