Singapore-based location intelligence provider AdNear secured $19m in series B funding on Wednesday from investors including Telstra Ventures, the corporate venturing unit of Australia-based telecommunications company Telstra.
Venture capital firms Global Brain, Sequoia Capital and Canaan Partners also participated in the round.
Adnear provides location data that is used by mobile advertisers to produce targeted marketing. The funding will be used to fuel AdNear’s expansion into new markets.
Anil Mathews, chief executive of AdNear said: “We’re thrilled to be joined by investors such as Telstra Ventures and Global Brain in this journey. Our proprietary technology enables us to help major brands across Asia Pacific fine-tune their consumer targeting by having access to real-time location intelligence.
“Location data-driven insights are extremely powerful and marketers can use these data points to understand consumer behaviour and also build customised campaigns as per their target audience.”
Following the round Mark Sherman, managing director at Telstra Ventures, will now join the AdNear board. AdNear raised $6.3m in a series A round in 2012 from Canaan Partners and Sequoia Capital.