Contextual advertising company GumGum raises $22M

GumGum is announcing that it’s raised $22 million from existing investors Morgan Stanley Expansion Capital, NEA spinout NewView Capital and Upfront Ventures. CEO Phil Schraeder said he’ll use the funds to pursue a more aggressive acquisition strategy.
This Series D comes nearly five years after GumGum raised a $26 million Series C. Schraeder told me the company’s “core business has been profitable for years,” and that GumGumnow has the ability to turn profitability