As we first reported in November, digital marketing software firm Turn has reeled in a new Series E investment.
The $80 million raise was distributed among eight venture capital firms and brings Turn's total funding to about $138 million to date. (For comparison, direct competitor MediaMath has raised a mere $24.4 million, according to CrunchBase).
We hear the new round -- likely Turn's final cash re-up before an expected IPO this year -- values the company in the $650 to $700 million range.
As we noted previously, that valuation should please Turn's earlier investors. In its most recent investment, in 2011, the company was valued at about $150 million.
Turn's gross media revenues (including media costs passed on to publishers) were $230 million in 2012 and around $350 million in 2013, according to sources, and this year's are projected to be around $500 million. However Turn's margins are humble at around 25%, significantly lower than publicly traded ad network companies like Rocket Fuel (mid-50%) and Criteo (mid-30%).