AdNear raises $19 million to accelerate global expansion

AdNear, a location-based mobile advertising platform raised $19 million (Rs 116 crore) from Sydney’s Telstra Ventures and Tokyo-headquartered Global Brain to expand their reach into multiple markets. Existing investors Sequoia Capital and Canaan Partners, also participated in the round.

The advertising firm has a technology which can track user’s location without the need of GPS or operators. It analyses the location data gathered over time, adds user behavior and context, builds an audience and targets them with the right kind of ads on mobile.

“We believe that markets such as Japan present significant opportunities for AdNear’s technology,” said Mohit Bhatnagar, managing director of Sequoia Capital.

The Singapore headquartered company counts large brands such as such as P&G, Audi, BMW, Samsung, and Adidas as its customers. The company has profiled 530 million users across Asia Pacific and continues to add 1.2 million anonymous device users to its database every day.

AdNear, set up in 2009, had previously raised Rs 35 crore in 2012 from Sequoia Capital and Canaan Partners to strengthen their presence in Asia Pacific.

“Over the last year, AdNear has seen a 12x growth in its device user base and we are very excited about AdNear taking its offerings to new markets,” said Rahul Khanna, managing director of Canaan India.

As part of the deal, Mark Sherman of Telstra Ventures will now join the AdNear board, along with existing investors.