Medialets Raises $4 Million Series A For iPhone Advertising

Posted May 14, 2009

Since the time that the Apple App Store has launched, over 1 billion applications have been downloaded.  Some of the applications are paid and some are free.  The free applications have found a way to make money thanks to Medialets.  Medialets has the ability to embed advertising banners and links on iPhone applications.

The advertising company that started last June in New York and has just announced their Series A funding of $4 million.  The investment was led by Foundry Group.  Other investors are DFJ Gotham and Bobby Yazdani.  Medialets also has the ability to place advertisements on applications built for the Google Android operating system.

Medialets CEO Eric Litman believes that the mobile advertising industry will top at around $300 million but will hit reach as high as $400 million in the next four years.

[via AllThingsD]