Twitter advertising network raises money, hires CEO

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Beverly Hills-based Twitter advertising network Ad.ly, which we featured here, has raised $5 million from GRP Partners, Greycroft Partners and Matt Coffin, founder of LowerMyBills.

It has also recruited a new CEO, News Corp. veteran Arnie Gullov-Singh.

Gullov-Singh was executive vice president of product, technology and operations at News Corp.’s Fox Audience Network, the display advertising network he co-founded.

Ad.ly founder Sean Rad, who was serving as CEO, will become president of the company.

Ad.ly places ads in the Twitter stream, matching Twitter users with Twitter advertisers.

Twitter recently unveiled its own advertising platform called Promoted Tweets, an effort to wring money from the growing popularity of the online service.

-- Jessica Guynn