Private equity firm Kennet Partners has led a $10 million (£7 million) round of funding into US-based advertising network Go Internet Media.

Private equity firm Kennet Partners has led a $10 million (£7 million) round of funding into US-based advertising network Go Internet Media.

The Series A financing will be used to expand the California-based company’s sales team and strengthen its balance sheet. As part of the deal, Kennet’s managing director Javier Rojas and director Gustavo Alberelli will join Go Internet’s board.

Al Abhari, who founded Go Internet in 2004, says the money will help the business take a leading position in the tertiary education market, which it serves through its AcademixDirect offering. This matches students with universities that best fit their interests, delivering the lead to the institutions and ultimately increasing enrollment rates, according to Abhari.

Alberelli comments, ‘The redirection of advertising budgets towards more performance-based solutions combined with the company’s innovative technology and strong customer focus have allowed Go Internet Media to experience tremendous growth despite the current economic environment.’

Kennet Partners invests in technology companies in North America and Europe and has funds under management of $500 million.