Sequoia, Canaan Partners Invest $6.3m in Mobile ad Startup Adnear

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Bangalore: AdNear, a location based mobile advertising firm announced that they has raised about $6.3 million in its series A round of funding from venture capital firms Canaan Partners and Sequoia Capital.

The company also stated that the funds will be used to expand their process across Asia-Pacific region, especially across nations like Australia and New Zealand, as reported by mydigitalfc.

Founded in the year 2009 by Anil Mathews, AdNear uses location-based information from user based mobile phones and assists advertisers and other supporters to customize their advertisements on users’ mobiles. The data is collected as per real-time, geo-location information’s incorporated with user behavioral data.

AdNear, founder and chief executive officer, Anil Mathews, said, “Location based advertising is growing significantly, brands are increasingly getting competitive about extending their visible reach and are looking at more interactive communication platforms”. He added, “At AdNear, we help advertisers with four-to-five times more impactful and engaging campaigns, thanks to our proprietary location data”.

Commenting on the investment, 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”.

The previous investments of Canaan include BharatMatrimony and Naaptol, while Sequoia has invested in companies like JustDial, QuickHeal and Vasan Eye Care.

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