A digital ad firm with a background in digital advertising has been awarded a $200 million infusion from the National Advertising Foundation (NAF), the nonprofit arm of the U.S. Department of Commerce.
The company, Gray Media, announced the funding on Monday as part of a new round of funding that includes a $50 million commitment from NAF’s Digital Marketing Fund.
The round also includes an undisclosed amount from venture capital firm Benchmark Venture Partners.
Gray Media will use the funds to further its digital ad campaign with an initial commitment of $50,000 per month in total, the company said in a statement.
Gray’s first digital advertising campaign was launched with a $25 million investment from Benchmark Ventures and was featured in “America’s Most Admired Business: The Future of Advertising” on PBS last year.
The next phase will focus on a more robust digital advertising strategy that will include targeting new audiences and new audiences’ digital behaviors, according to the statement.
“Gray Media has been an innovator in digital ads for nearly two decades, and we are excited to work with NAF to continue its innovative approach to advertising and serve more consumers with new and targeted digital ads,” said Mark Wysopal, president and CEO of Gray Media.
“We believe in our strategy and are confident we will succeed with this new funding.”
Gray’s digital ads target a broad range of audiences, ranging from seniors to teens and families, to the elderly and people with disabilities.
The ad campaign focuses on the elderly, who tend to be more socially isolated, the NAF said.
Gray says its digital advertising plans will reach new audiences across multiple digital platforms including social media, print, online and TV.
“Through our advertising campaigns, we have created a digital network of influencers who will help us reach our target audiences, including our most loyal customers,” Gray said in the statement.
“We also have a proven track record of generating results and delivering innovative advertising campaigns to consumers, with our best-selling products and services such as AdWords, AdSense, Affiliate programs, and AdSense Online,” Gray added.
Gray is the third company to get the Naf’s Digital Ad Strategy Fund, which has been launched in recent years.
In November, NAF announced it was giving $1.2 billion in funding to more than 100 startups, including a $250 million infusion of the fund to help it expand its digital platform.
The NAF is the leading nonprofit organization in the advertising world, with $5.3 billion in revenue.