Marketing company Guangdong Advertising intends to pay CNY 112.5m ($18.1m) for a 15% stake in China-based mobile advertising company Lomark, China Money Network reported yesterday citing a regulatory filing.
Lomark provides targeted advertising for publication on mobile devices. Guangdong Advertising made the investment at the same time as it agreed a strategic partnership with Lomark that will enable it to expand its mobile offerings.
Lomark secured $30m from Kleiner Perkins Caufield & Byers (KPCB), DFJ Dragon Fund, Shenzhen Fortune Venture Capital and ABC Capital in an October 2014 series B round. KPCB previously invested an undisclosed sum in Lomark in 2011.