Published: 17 Dec 2007

Also participating in the deal were Khosla Ventures of Menlo Park, Calif., and Madrona Venture Group, of Seattle.

As part of the deal, Ajay Agarwal, Managing Director of Boston-based Bain Capital Ventures, will join Seattle-based AdReady's board of directors.

AdReady CEO Aaron Finn said in a statement that the company will use the financing to "enhance AdReady's self-service advertising platform and bring it to a much broader audience."

AdReady offers marketers the ability to build effective online display campaigns based on proven performance creative, while publishers can tap the power of AdReady's patent-pending platform for their advertisers through AdReady's co-branded solutions.

With AdReady's Performance Ad Library, advertisers begin their campaign by creating ads instantly based on an extensive selection of field-tested creative concepts. AdReady then enables customers to run targeted campaigns with publisher partners that include Google, Yahoo's Right Media and AOL's Advertising.com.

AdReady not only offers detailed reporting on campaign results, it provides insights that allow advertisers to maximise their returns on their marketing dollars in only a few clicks.

As per the information available, so far, about 1,000 companies -- ranging from plumbers to painters to major airlines such as Alaska Air -- have signed up for the service. The ad-creation tools are free to use, with AdReady getting paid when a client decides to set a budget for the campaign. AdReady takes a 20% commission.

Recently, the company had announced the appointment of Jason Kilar, CEO of Hulu, to its board of directors.