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Posted on Nov 28, 08:35PM | UNI
AdNear today announced that it has raised Rs 35 crore in Series A funding from Sequoia Capital and Canaan Partners.
The additional finances will be used to support expansion into the APAC region and towards growing the team, it said in a statement.
AdNear are the pioneers of location based mobile advertising and are currently serving in India, Singapore, Australia, and other Asia-Pacific countries.
Leveraging precise location, behaviour, and profiling of consumers, AdNear helps advertisers reach the most relevant audience.
"Location based advertising is growing significantly and brands are increasingly competitive about extending their visible reach and looking at more interactive communication platforms," says Anil Mathews, Founder and CEO, AdNear.
"At AdNear, we help advertisers with four-to-five times more impactful and engaging campaigns, thanks to our proprietary location data," he added.
Rahul Khanna, Managing Director, Canaan India said, "AdNear's breakthrough technology allows advertisers to deliver hyper targeted ads to mobile devices, delivering superior performance and engagement. We are excited to support a company that is defining mobile advertising 2.0 and look forward to leveraging our expertise in the digital media domain to support the company's international expansion." Mohit Bhatnagar, Managing Director, Sequoia Capital, said, "AdNear offers a unique opportunity for brands to engage with their consumers in a relevant yet non-intrusive way. AdNear has pioneered a location based advertising platform based on their proprietary technology and location database. Importantly after establishing Adnear in India, The company is now ready to expand at an international level." AdNear's advertising platform is built on hybrid geo-location platform which helps provide location awareness on phones without the need of GPS or operator assistance.
AdNear services are currently used by major brands and advertisers including Toyota, Titan, Ford, PizzaHut, Samsung, Nokia and Airtel.