Lat49, which sells ads on online maps for more than 120 Web sites, including Topix.net, Trails.com and others, announced that it has raised $1.5 million in Series A financing. Participation was led by PenderFund Capital Management, with further participation from existing investors including Discovery Capital.

The site, launched in early 2007, focuses on location specific segments. These include Real Estate, Travel, Sports & Recreation and Local information.

“Lat49 provides a major step forward for monetizing the LBS [location-based services] industry,” says David Barr, chief investment officer at Pender. “Having experienced the trends in location aware and Software as a Service offerings firsthand, lat49 has nailed the ability to leverage location for the delivery of highly relevant advertising to Internet users.”