Ad.ly, an ad network developed for Twitter, reportedly has raised $5 million in new funding and named a new CEO. GRP Partners led the funding round, which also included Greycroft Partners and LowerMyBills founder Matt Coffin. The new CEO is Arnie Gullov-Singh, who formerly held the position of executive VP of product, technology and operations at Fox Audience Network. Founder former CEO Sean Rad will become President.

The L.A.-based startup matches advertisers with popular Twitter accounts such as those of artists and other celebrities to send sponsored Tweets to their followers. Billboard profiled the company earlier this year.

Tagged