China-based digital advertising solution provider, Avazu recently announced that it has been successful in securing $48m in series A financing.
Gaorong Capital led the financing round and additional investors included leading domestic and international companies as well as an experienced US-based, internet-focused private equity fund.
Avazu is a global performance-advertising platform for PC and mobile advertising founded in 2009. The company claims to have revolutionised digital advertising models by doing away with traditional cost per metric and cost per click models and replacing them with measurements based on the number of new users acquired or sales volume.
Gaorong Capital said: “We see enormous potential for Chinese internet companies as they pursue globalisation. Avazu’s advertising platforms can offer great assistance in this process. The company’s proprietary, cutting-edge advertising technologies set high entry barriers for competitors. We are fully confident about the future of Avazu.”
Headquartered in Shanghai, Avazu runs offices in Beijing, Tokyo, and Amsterdam, and has hopes of expanding to New York, Berlin, Seoul and London over the coming few months.
Despite its visible presence across the globe, the company aims to relentlessly pursue further opportunities management dealing, mergers and acquisitions, and strategic investment.
“Chinese internet companies pursuing global opportunities are an important trend moving forward,” said Avazu’s founder and CEO Yi Shi.
“As the largest and most efficient advertising platform (with performance-driven pricing models) for Chinese internet companies promoting themselves in the global market, Avazu will take advantage of the financing to further accelerate the company’s overall ‘platform strategy’. We aim to help more Chinese internet companies to expand in the international market.”