Primavera leads $50m round for China online advertising platform
Primavera Capital has led a $50 million Series D round of funding for Miaozhen Systems, a Chinese third-party big data company that specializes in advertising services.
Founded in 2006, Beijing-based Miaozhen provides cloud-based third-party advertising technology. It can process more than 100 billion ad requests per day, helping clients measure the impact of online campaigns. It has worked with the likes of Procter & Gamble, Microsoft, Coca-Cola, Volkswagen, L'Oreal, and KFC.
AVCJ Research records show Redpoint Ventures committed $5 million to Miaozhen in 2010, while China Broadband Capital (CBC), KPCB China and WPP Digital joined a Series B round worth $20 million in 2011. CBC led a $10 million Series C round in 2013.
The new funding will be used to develop new technology and scale up the business. Miaozhen hopes to cooperate with Primavera's portfolio companies, such as Alibaba Group and consultancy firm iResearch, in the areas of e-commerce and consumer big data services, according to a statement.
Fred Hu, founder of Primavera, said Miaozhen's independent operation has earned the trust of the advertising industry.
Beijing and Hong Kong-based Primavera manages both renminbi- and US dollar-denominated funds, targeting growth capital, buyout and control, and special situations opportunities. The firm is currently in the process of raising its second US dollar vehicle.
Earlier this month, another Chinese digital marketing plaform, Panshi Information Technology, received a $200 million Series B round led by NewMargin Ventures. It values the business at $1 billion.
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