Gaorong Capital leads $48m round for China's Avazu
Avazu, a Shanghai-based digital advertising firm, has raised $48 million in a Series A round of funding led by Gaorong Capital. An undisclosed US-based internet-focused private equity fund and a consortium of internet companies also took part in the round.
The proceeds will be used for global expansion through acquisition of related businesses, Yi Shi, CEO of the company, said in a statement.
Founded in 2009, the firm provides three types of marketing platforms. They are Avazu DSP which is a real-time auction ad exchange platform; Avazu Tracking, a cross-platform ad performance tracking system, and Avazu Tracking and Avazu Private Exchange, which is a private ad exchange platform.
It works with a number of leading international brands, including Google, Microsoft and Yahoo.According to Gaorong Capital, Avazu could play an important role in supporting Chinese technology firms to go global.
The company operates offices in Beijing, Tokyo, and Amsterdam and it plans to open new offices in New York, Berlin, Seoul and London over the next three to six months.
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