While there are very few bright spots to look at in the economy (start ups, high growth or mature businesses), the mobile advertising business is shining.
Case in point: Admob, a recent start up focused on the mobile advertising space. The company is cash flow positive and just raised $15.7 M from Sequoia Capital and Accel Partners.
Admob is serving over 4.5 Billions ads per month and its iPhone traffic increased from 35 Million in August to 100 million in September. That's impressive growth, especially when the overall ad market is headed for a steep decline.
Admob competes with Google (GOOG), Yahoo (YHOO), Nokia (NOK) and Microsoft (MSFT) and is expected to use its newly acquired funds for expansion.