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China mobile marketing firm Lomark raises $30m

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A group of VC investors – DFJ DragonFund, KPCB, ABC Capital and Shenzhen Fortune Venture Capital – have committed $30 million in Series B funding to Lomark, a Chinese mobile advertising firm.

Founded in 2010, Lomark provides mobile advertising solutions, working from a network of offices in 45 cities nationwide. The company previously raised a Series A round of undisclosed size from DFJ.

Lomark said in a statement that it will use the new funding for service upgrades, product development, data analytics and brand building.

According to local research firm Enfodesk, China's mobile advertising market was worth RMB1.35 billion ($220 million) last year. It is expected to reach RMB4.58 billion this year.

Mobile advertising is a popular industry among VC investors. Two months ago, SIG China and Meridian Capital exited adSage Corporation after Shanghai-listed BesTV New Media agreed to acquire a majority stake in the company for $88.88 million.

Earlier this year, Cheetah Mobile, a US-listed internet security software backed by Matrix Partners and Tencent Holdings, acquired mobile advertising firm HongKong Zoom Interactive Network Marketing Technology in a deal worth around $30 million.

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