Tengelmann Ventures, the corporate venture capital arm of retail chain Tengelmann, exited Germany-based mobile advertising technology developer Trademob yesterday through an acquisition by mobile marketing platform developer Adikteev.
Founded in 2010 Trademob has built a programmatic mobile advertising platform that can hypothetically give clients access to more than 1 billion mobile users worldwide.
Tengelmann invested an undisclosed amount in Trademob in 2011 alongside venture capital fund High-Tech Gruenderfonds, before both returned for a $15m round the following year in which growth equity firm Kennet Partners provided $12.5m of the capital.
France-based Adikteev did not disclose the amount it paid for Trademob but the payment was provided in the form of shares. Adikteev’s last round gave it $1.4m in funding from Isai, Ventech and assorted angel investors in 2014.
Xavier Mariani, Adikteev’s chief exeutive, said: “We are delighted to announce this strategic acquisition.
“It gives us an excellent opportunity to accelerate our international expansion and combine the R&D departments of two firms that can tap their extensive expertise in a market that is still relatively inefficient.”