Mobile ad startup AdNear raises $6.3m in VC funding

Tags: Companies

Canaan Partners, Sequoia back firm to expand Apac presence

Location-based mobile advertising company AdNear said on Wednesday that it has raised about $6.3 million (approx Rs 35 crore) in its series A round of funding from venture capital firms Canaan Partners and Sequoia Capital. The funds will be used by the Bangalore-based company to expand its presence across the Asia Pacific geographic region including Australia and New Zealand. It will also be used for expansion of the team.

AdNear leverages real-time geolocation combined with behaviour to target relevant users within a geofence. As a result, advertisers are able to reach massive audience based on where they are or what’s near them. In other words, the company uses the location-based data of the mobile users and helps the advertisers customized their advertisements on users’ mobile phones. The location details are collected using GPS or with the operators’ assistance.

AdNear, founder and chief executive officer, Anil Mathews, said, “Location based advertising is growing significantly, brands are increasingly getting competitive about extending their visible reach and are looking at more interactive communication platforms”. He added, “At AdNear, we help advertisers with four-to-five times more impactful and engaging campaigns, thanks to our proprietary location data”.

Sequoia Capital, managing director, Mohit Bhatnagar, said, “AdNear offers a unique opportunity for brands to engage with their consumers in a relevant yet non-intrusive way. The company is now ready to expand at an international level”.

Currently, the company provides mobile ads in markets like India, Singapore, Australia, and other Asia-Pacific countries. AdNear services are currently used by major brands and advertisers including Toyota, Titan, Ford, PizzaHut, Samsung, Nokia and Airtel.

Canaan India, managing director, Rahul Khanna, said, “AdNear’s breakthrough technology allows advertisers to deliver hyper targeted ads to mobile devices, delivering superior performance and engagement. We are excited to support a company that is defining mobile advertising 2.0 and look forward to leveraging our expertise in the digital media domain to support the company’s international expansion”.

sameerrbakshi@mydigitalfc.com

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