AdNear raises $19 million in latest round of funding1 min read . Updated: 15 Oct 2014, 11:47 AM IST
The Singapore-based location intelligence company plans to use these funds for expansion into new markets
New Delhi: AdNear Pte. Ltd, a Singapore-based location intelligence company, on Wednesday said it has raised $19 million in a round of funding led by Telstra Ventures and Global Brain. Existing investors Sequoia Capital and Canaan Partners also participated in this round of capital raising.
It plans to use these funds for expansion into new markets.
AdNear has a significant presence in the US, Australia and the Asia-Pacific region including Singapore, India, Indonesia and Japan.
In 2012, the company raised $6.3 million from Sequoia Capital and Canaan Partners.
AdNear uses historical location footprint of anonymous mobile device users across Asia-Pacific and real-world offline data to gain insights, which it uses to send relevant ads to mobile audiences on behalf of advertisers.
Marketers can use location data-driven insights to understand consumer behaviour and create customized campaigns for their target audience.
Since its first round of funding, it has been adding approximately 1.2 million anonymous device users daily to its probabilistic profiles database, the company said. Its client base includes some big brands including Procter and Gamble Co., Woolworths Ltd, Audi AG, Unilever Plc,Bayerische Motoren Werke AG (BMW), Ford Motor Co., Samsung Electronics Co. Ltd, Ikea and Adidas AG.
“Mobile advertising continues to grow rapidly across Asia-Pacific. Telstra Ventures recognizes the value that AdNear’s probabilistic, data-driven approach brings to advertisers and we’re excited to be able to provide capital to accelerate the expansion of AdNear’s operations," said Mark Sherman, managing director at Telstra Ventures. He will join the AdNear board of directors.
“Our proprietary technology enables us to help major brands across Asia-Pacific fine-tune their consumer targeting by having access to real-time location intelligence," said Anil Mathews, chief executive of AdNear.
In India, the company operates from its Bangalore office.