GoAdv, the European online media company listed on Alternext market of Nyse-Euronext Paris, has raised more than €11 million more financing after completing a Convertible Bond Issue with several investors in France. The issue will finance the firm’s acquisition strategy following its acquisition of the Excite Europe network of portals last year. GoAdv now retains more than €20 million cash. The firm had Q1 2008 revenues of over €8.8M.
GoAdv started in 2004 after Luca Ascani, President, sold BuyCentral.it to Lycos Europe in 2003. He also sold ADVance, a consulting ad agency to NetBooster Group on April 2007. So he has cash to play with.
So what’s next? Probably a buying spree for sites with decent, qualified traffic in Europe. GoAdv runs Excite Europe and the Better Deals network. It has a staff of about 110 working across offices in Italy, Ireland, France and the Philippines. It’s currently active in active in eight markets; UK, Germany, Netherlands, France, Italy, Spain, Sweden and Poland.