Australian adtech start-up Unlockd secures $23m

The deal includes participation from Sydney-based Alium Capital Management and represents part of a Series B round initiated last year with a target of $30 million. The company raised a $15 million Series A in April 2016 from a group of investors including PLC Ventures and non-executive directors of Seven West Media and Virgin Australia.

The capital will be used to support an ongoing Asian expansion effort. It comes as Aliza Knox, Twitter's former head of Asia Pacific, joins Unlockd in the role of chief operating officer.

"Unlockd's technology will bolster our continued leadership position in the market across our mobile business and help lower acquisition cost, increase ARPU [average revenue per user] and minimize customer churn," Mohd Khairil Abdullah, CEO of Axiata Digital, said in a statement. "For our customers, Unlockd's unique value exchange offer will reward them for viewing ads and content on their mobile devices. It will allow our customers to have more credit to stay in touch with friends, family, and their peers."

Founded in 2014, Unlockd operates a mobile platform that allows users to benefit from discounts on phone bills as well as access to free data or entertainment content. Users receive the services in exchange for viewing ads upon unlocking their smart phones.

The company's advertising and content partners currently include Twitter, Yahoo, Facebook, McDonalds, British Airways and Uber. It maintains bases in Melbourne, New York and London, and is aiming to expand its footprint into India.

Axiata may be able to support an India push through its minority holding in Mumbai-based Idea Cellular, a wireless operator offering nationwide 2G, 3G and 4G services. Idea is touted as one of the country's top three mobile operators with a revenue market share of 19%.

Other recent activity by Axiata includes a partial spin-out of its Edotco telecom tower business in Southeast Asia. The subsidiary has received a $600 million investment from Innovation Network Corporation of Japan and Malaysia's Khazanah Nasional as part of an expansion drive across South and Southeast Asia.

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