Location-based Mobile Advertising Service AdNear Raises Series B Funding for Market Expansion

AdNear Pte. Ltd., a Singapore and Bangalore-based mobile advertising service, has secured US$19 million in Series B financing from GB-V Growth Fund Investment Limited Partnership, an investment unit managed by Japanese VC firm Global Brain Corporation, Telstra Ventures and incumbent investors of Sequoia Capital and Canaan Partners.

The capital will be used to expand in the Asia-Pacific region. AdNear has previously received US$6.5 million in Series A from Sequoia Capital and Canaan Partners in 2012 and undisclosed angel investment in 2009.

AdNear is a location intelligence company that leverages location and context data for advertisers. Historical location data combined with user behavior and other statistics generate powerful audience insights. The company’s data platform is built on proprietary technology, giving it the strength of location awareness without the need for GPS or operator assistance.

AdNear claims to have profiled more than 320 million users across Asia-Pacific and has worked with brands such as P&G, Woolworths, Audi, Unilever, BMW, Vodafone, Ford, Samsung, and IKEA.

Founded in 2012, AdNear is now headquartered in Singapore with a presence across Australia, South East Asia, Japan and India.

image credit: AdNear