China's VC-backed Mobvista raises $80m after NEEQ listing
Mobvista, a Chinese mobile content distribution platform backed by several VC investors, has raised RMB522 million ($79.7 million) after listing on the National Equities Exchange and Quotation (NEEQ).
The company issued 8.8 million new shares at RMB59.27 per share, according to a disclosure. It plans to use the new capital to accelerate business growth and take advantage of global expansion by Chinese mobile internet companies. It will also improve the efficiency of its technology offerings.
Mobvista was founded in 2013 and specializes in global mobile digital marketing, along with overseas game publishing. Its customers include a number of leading internet players such as Baidu, Alibaba Group, Qihoo 360 Technology, Uber and Flipkart; it also has strategic partnerships with Google AdWords, Twitter and Facebook.
The company has raised several rounds of funding, including a $12 million Series A round led by Hong Kong's NetEase and Midas Capital in 2014, and a Series B round for RMB200 million led by Haitong Kaiyuan Investment - operating through two industry funds - and with participation by China Securities.
NEEQ, also known as the New Third Board, originated in 2011 as a pilot program in Shenzhen to help tech-focused small and medium enterprises raise capital. Offering easier listing terms than China's other stock markets, NEEQ has attracted the interest of a number of Chinese companies, including online liquor retailer Jiuxian and chauffeured car service provider Ucar.
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