AdNear raises $19 million in Series B funding

AdNearSydney’s telecom company Telstra and Tokyo-headquartered Global Brain has funded AdNear $19 million (Rs 116 crore) for global expansion. Both its existing investors, Sequoia Capital and Canaan Partners, also participated in the funding.

AdNear, a location-based mobile advertising platform has the technology that 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.

AdNear, located in Singapore was founded by Anil Mathews. Currently, the company is spread across Australia, South East Asia, Japan, and India. It works with marquee brands such as P&G, Woolworths, Audi, Unilever, BMW, Vodafone, Ford, Samsung, and IKEA. 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.

Telstra, a leading Australian telecommunications and information services company invests in market leading, high growth companies that are strategically aligned with Telstra to offer high quality, new products and services to its customers

Global Brain is a venture capital providing not only capital, but also support to establish business models, marketing teams, and sales processes. Global Brain will assist AdNear in entering the Japanese market.

“We believe that markets such as Japan present significant opportunities for AdNear’s technology.” said Mohit Bhatnagar, Managing Director of Sequoia Capital, as reported in ET.

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