AdChina, an online advertising network in China, has raised an undisclosed amount of Series B funding. Richmond Management led the round, and was joined by News Corp. and return backer GSR Ventures. AdChina previously raised a $10 million Series A round in June 2008.
AdChina, the largest online advertising network in China, today announced it has completed its series B round of venture financing led by Richmond Management, along with co-investors GSR Ventures and News Corporation. The financing will enable AdChina to grow its staff and invest in several new technology and commercial initiatives planned for 2009-10. AdChina’s current investors have previously been involved with such companies as aQuantive, DoubleClick, MySpace, Salesforce.com, Netease and AsiaInfo.
AdChina is the largest online ad network in China enabling publishers to maximize the value of their online ad inventory and helping advertisers make online branding easy. AdChina’s network reaches 300 million, or 85% of the Chinese Internet users and has been pioneering many new models for branding and performance-based online advertising. The company has developed a powerful set of targeting technologies built on the largest inventory of advertising aimed at women, youth and male audiences. In addition to its world-class technologies, AdChina is also led by one of the most experienced executive teams from the Internet and advertising technology space.
Headquartered in Shanghai, the company has established regional sales offices in major cities in China, and signed up premium brand advertisers such as Unilever, L’Oreal Group, Diageo, HP, Nike, China Telecom, etc. AdChina’s AdTarget service has been adopted by a growing list of media agencies including MindShare, Ogilvy, OMD, ZenithOptimedia, etc. Over 300 leading publishers such as portals, vertical, video and social networking sites have joined AdChina’s network and allowed AdChina’s AdManager to access their quality ad inventory.
Driven by a rapidly expanding online user base and growing domestic consumer spending, the market for online display ads in China is growing in excess of 30% per year on a $2 billion base for 2008 according to iResearch.
“The Chinese online ad market has been growing very fast in the past few years,” said Alan Yan, Founder and CEO of AdChina. “With a great team and funding in place, we are confident in our ability to rapidly scale our business and continue building AdChina into one of the dominant players in China’s online advertising industry.”
Peter Kellner, Richmond’s Managing Partner who was also one of the first angel investors behind AdChina, adds “AdChina brings together one of the best teams in online advertising with one of the largest and fastest growing markets where the winning business models are currently being developed. We have seen Platform-A and aQuantive emerge as two of the largest online advertising power houses in the U.S. and expect AdChina to blaze the path for the Chinese market.”
“AdChina is an innovative, technology-driven company with an exceptional strategic vision for the future of online advertising in China,” said Richard Lim, Managing Director with GSR Ventures. “Given AdChina’s progress over the past two years, we are confident in their ability to achieve their vision in the years to come.”
According to Wendi Murdoch who led News Corp’s investment in AdChina, “We have long been aware of the talented team behind AdChina and are excited to support their ongoing success.”
About AdChina, Ltd.
AdChina is China’s leading online ad network. With its proprietary AdManager, AdTarget, and AdContent platforms, AdChina is committed to helping advertisers achieve superior results and make online branding easy.
About Richmond Management
Richmond Management is a venture firm focused on technology-enabled services and mobile applications in the US and across major emerging markets. Since its establishment ten years ago, Richmond has been a seed or expansion-stage investor in such companies as Salesforce.com, aQuantive, Color Kinetics, Personifi and Athleta.com. Current investments include Obopay (mobile payments), Voxiva (mobile healthcare), Skydeck (mobile analytics) and AdChina (online advertising). In addition to its portfolio of direct investments, Richmond has seeded or been an early investor in premier venture capital and private equity firms around the world. Richmond is headquartered in New York with an additional office in Delhi, India.
About GSR Ventures
GSR Ventures is a venture capital fund that invests primarily in early and growth stage technology companies with substantial operations in China. GSR Ventures’ investments include semiconductor, Internet, wireless, new media and green technology. The Fund currently has about $700 million under management, a partnership with Mayfield Fund, and offices in Beijing and Silicon Valley.
About News Corporation
News Corporation (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of December 31, 2008 of approximately US$50 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and Latin America.