Online Map Advertising Network Lat49 Raises $1.3 Million

Geo-contextual ad network Lat49 has raised about $1.3 million in a first round of funding led by PenderFund Capital Management. Existing investors, including *Discovery* Capital also participated. Lat49 lets advertisers target their ads on online maps that appear on more than 120 sites, including Topix.com, Trails.com, and SFGate.com. Release.