Singapore-headquartered location-based mobile advertising platform AdNear has raised Rs 35 crores ($6.3 million) in Series A funding from Sequoia Capital and Canaan Partners. The funds will be used to help the firm expand to the Asia Pacific region and increase headcount. Currently it serves India, Singapore, Australia, and other Asia Pacific markets from its offices in Bangalore and Singapore. AdNear uses precise location, consumer profiling and behaviour, to help advertisers reach the most relevant audience.
Founded in November by Anil Mathews, AdNear’s advertising platform is built on top of a proprietary hybrid geo-location platform that helps provide location awareness on phones without the need of GPS or operator assistance. This helps the company reach billions of location impressions across devices and geographies. All advertisements are displayed within premium mobile apps and engage users by finding the route to the advertised store, using coupons, calling them among other things. Some of its clients include Toyota, Titan, Ford, PizzaHut, Samsung, Nokia and Airtel.
This is the second investment for Sequoia in a month, the last one being in Mumbai-based pathology labs chain Suburban Diagnostics. The firm had reportedly raised an aggregate of $1 billion across at least three new funds, including a China-dedicated fund, early this year. On the other hand, Canaan Partners’ current technology investments in India include BharatMatrimony, Naaptol and UnitedLex.
Image credit: AdNear