Telstra, Global Brain lead $19m round for India's Adnear
India location-based mobile advertising platform Adnear has raised a $19 million Series B round of funding from Telstra Ventures, the Australian telecom giant's corporate venture capital arm, and Japanese VC Global Brain.
Existing investors Sequoia Capital and Canaan Partners also participated in the round.
This latest investment brings the total amount raised to about $25.5 million. The company previously received INR350 million ($6.3 million) from Sequoia and Canaan in November of last year.
Set up in 2012, AdNear currently covers India, Singapore, Australia, and other Asia Pacific countries. Its platform uses location, user behavior and consumer profiling to help advertisers reach the most relevant audience. The start-up claims its platform has reached over 530 million users to date. Its client base includes marquee brands such as Procter & Gamble, Woolworths, Audi, Unilever, BMW, Ford, Samsung, IKEA, and Adidas.
"Mobile advertising continues to grow rapidly across Asia Pacific," Mark Sherman, managing director at Telstra Ventures, who will join the start-up's board of directors, said in a statement. "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."
Earlier this year Canaan also led a INR350 million round of funding for SureWaves MediaTech, an Indian TV advertising platform operating out of Bangalore. Existing backers Accel Partners India and India Innovation Fund (IIF) also participated.
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