Location intelligence company AdNear raises $19 million Series B funding
AdNear, the location intelligence company that leverage's historical location and context to power data driven marketing for advertisers has raised a $19 million series B round. In 2012, AdNear had closed its Series A round of funding of $6.3 million from Sequoia Capital and Canaan Partners to support its expansion in the Asia Pacific region and grow the team. It has since been adding approximately 1.2 million anonymous device users daily to its probabilistic profiles database. Since then they have scaled up and grown rapidly launching their services in Indonesia, Malaysia, Philippines, Japan, Australia and India among others.
Series B Funding
AdNear, today announced it has raised US$19 million from Telstra Ventures and Global Brain as part of its strategic plan to expand into multiple new markets. Both its existing investors, Sequoia Capital and Canaan Partners, also participated in the capital raising round.
The company’s data platform is built on top of proprietary technology, giving it the strength of location awareness without the need for GPS or operator assistance. Founded in 2012, AdNear is now head-quartered in Singapore with a presence across Australia, South East Asia, Japan and India. To date, the company has reached a massive 530+ million device users and works with marquee brands such as P&G, Woolworths, Audi, Unilever, BMW, Adidas, Ford, Samsung, and IKEA.
AdNear has developed insights from anonymous device users across Asia Pacific using their historical location footprint and real-world offline data. Leveraging these unique insights, the company is able to programmatically send relevant ads to mobile audiences on behalf of advertisers using its proprietary real-time bidding platform.
Anil Mathews, CEO of AdNear said, “We’re thrilled to be joined by investors such as Telstra Ventures and Global Brain in this journey. 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. Location data-driven insights are extremely powerful and marketers can use these data points to understand consumer behaviour and also build customized campaigns as per their target audience.”
Mohit Bhatnagar, Managing Director, Sequoia Capital said, “AdNear has been focused on analyzing location data at scale to understand user behaviour, and the response from clients across markets has been phenomenal. We believe that markets such as Japan present significant opportunities for AdNear’s technology and we look forward to leveraging our expertise and network to help the company succeed in these markets.”