US-based local mobile advertising network xAd raised $9m in funding yesterday from Softbank Capital, the venture capital (VC) firm affiliated with telecom, internet and media conglomerate the Softbank Group, as well as financial services firm the Silicon Valley Bank, VC firm Emergence Capital Partners and VC fund Palisades Ventures.
xAd has now raised a total of $40.4m since its inception. In addition to the current investors, xAd’s previous backers include telecommunications company Siemens Mobile Acceleration, mineral exploration company Arcturus Ventures, and VC firm Sorrento Ventures.
Established in 2009 out of its previous incarnation of V-Enable, xAd now claims to be the largest mobile-local advertising network in the US, aggregating and managing location-specific ad requests and listings for advertisers.
The investment will be used by xAd to enhance its technology base, with particular regard to its mobile-based technology. xAd acquired mobile local entertainment guide Go2 in March with the aim of extending the reach of its content across mobile web devices.