Translink, Vangoo back Chinese mobile ad platform with $12m

The new funding will be used to expand the company's operations and, according to Technode, open offices in Hong Kong and Japan, as the firm looks to grow its business overseas to help diversify its income.

Adwo's monthly revenues recently reached RMB10 million ($1.57 million), and the company is targeting a yearly turnover of $15.7 million for 2012. It already claims to display its ads on more than 80 million smartphones and across more than 20,000 mobile apps in China, and hopes to overtake Google's AdMob to become China's biggest player by the end of the year.

The Beijing-based company led by CEO Wang Xudong raised a $1 million Series A round in the first half of 2011.

China's smartphone market has recorded significant growth of late, and has surpassed the US for volume of shipments and number of new device activations.

Last December, Chinese smartphone startup Xiaomi Technology raised $90 million in funding, which valued the company at $1 billion. Existing investors Morningside Technologies, Qiming Ventures and IDG Ventures participated in the financing round as well as new participants Temasek Holdings and US chip manufacturer Qualcomm.

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• Topics
• Greater China
• Technology
• Expansion
• Technology
• China
• Growth capital