Adconion Media Group, one of the largest independent global audience and video content network, has secured nearly £21 million in financing from Silicon Valley Bank (SVB), the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology companies worldwide. The newly secured funds will be used to support both acquisition and working capital requirements to continue the global growth of the company.
Commenting on the deal Tyler Moebius, CEO of Adconion, said: “We have benefited from a great partnership with Silicon Valley Bank since early 2010 and we are pleased to have the opportunity to develop this relationship further. It is refreshing to work with a bank that understands how technology companies operate; a bank that is able to offer flexible financing solutions to service our international needs.”
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