AdNear will use the capital to expand into multiple new markets.
Bangalore and Singapore-based AdNear Pte Ltd, a big data company that helps brands reach out to audiences by analysing location data over a period of time, has secured $19 million in its Series B round of funding from Telstra Ventures and Global Brain Corp., with participation from existing investors Sequoia Capital and Canaan Partners, as reported by VCCircle.
AdNear will use the capital to expand into multiple new markets. As part of the deal, Mark Sherman, MD of Telstra Ventures, will join AdNear’s board.
“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 powerful and marketers can use these data points to understand consumer behaviour and also build customised campaigns as per their target audience,” Anil Mathews, CEO, AdNear told VCCircle.
AdNear was founded by Mathews back in 2009. The company’s advertising platform is built on a proprietary hybrid geo-location platform, which helps provide location awareness on mobile phones without GPS or operator assistance.
AdNear’s clients include P&G, Woolworths, Audi, Unilever, BMW, Ford, Samsung, IKEA and Adidas. In November 2012, it had raised Rs 35 crore ($6.3 million) in its Series A funding from Sequoia and Canaan to expand across the Asia-Pacific region and scale up its proprietary technology and data reservoir.
“Over the last year, AdNear has seen a 12x growth in its device user base and we are very excited about AdNear taking its offerings to new markets. With data-driven marketing opportunities increasing by the day, AdNear’s data insights become very valuable,” said Rahul Khanna, MD, Canaan India.