China digital advertising firm iPinYou raises $78m
IPinYou, a Chinese real-time bidding digital advertising platform, has completed a RMB500 million ($78 million) round of funding led by China Mobile Innovation Industry Fund.
Other domestic investors include Beiguang Wenzi Gehua Fund and Shenzhen Capital also participated. The company claims this is the largest-ever round raised in China's adverting technology sector.
Founded in 2008, iPinYou provides audience-targeted and programmatic digital advertising buying solutions. Its demand-side platform (DSP) helps advertisers access major Chinese advertising exchange platforms, supporting mobile, PC and video advertisements. It claims to account for about 60% of China's programmatic buying market, facilitating an average of 18 billion advertisements every day.
In line with the financing, iPinYou also announced it would dismantle its variable interest entity (VIE) structure to become a domestically-structured company, with a view to a domestic listing. It said that China's capital markets are now able to provide more options for internet companies.
"Returning to the Chinese capital market was a difficult choice for iPinYou," said Grace Huang, founder and CEO of iPinYou, said in a statement. "After extensive discussions with secondary market investors, however, we found the [domestic] investors are very enthusiastic about our business and leadership."
The company previously completed a Series A round in 2011 and China Broadband Capital (CBC) led a $20 million Series B round in 2013. Japan's Vangoo Investment Partners and Forward Capital have also invested in the company.
In addition to restructuring, iPinYou said it will use the new capital to expand its business ecosystem, strengthen its leading position through industry M&A, and accelerate its strategic expansion into mobile, TV and outdoor segments. It also plans to expand into cross-border marketing.
China Mobile Innovation Industry Fund, which has a total capital commitment of RMB2.55 billion, was formed in May by China Mobile and the State Development & Investment Corporation (SDIC). China Mobile put in RMB1.5 million while SDIC contributed RMB1 billion.
Beiguang Wenzi Gehua Fund is a joint venture fund launched by Radio Beijing, Beijing Wenzi Investment Fund and Beijing Gehua CATV Network.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.