In Loco, a Brazil-based provider of location-focused advertising intelligence technology, has raised $20m in series B funding from investors including media and e-commerce group Naspers, Easme has reported.
Investment firm Valor Capital Group led the round, while Unbox Capital also participated. The company had previously received about $5m in funding from Naspers across two rounds beginning in 2013, Valor Econômico stated, and Naspers remains its largest investor according to Easme.
In Loco has created technology that combines wifi sensors with technologies that can pinpoint a user’s smartphone in relation to the position of the earth, meaning it can in theory measure the location of a mobile device more precisely than GPS systems.
The technology allows businesses to market to individual users through their smartphones or in external spaces, tailoring the messages to them. It is also increasingly being used to help control internet-of-things devices without signing in or linking to a social network.
