SingTel Innov8, the corporate venturing unit of telecoms company the SingTel Group has helped Nexage, a mobile advertising exchange, raise $10m.
Singtel led the series B round, which was joined by venture firms Relay Ventures,the manager of the Blackberry Partners Fund, and GrandBanks Capital.
Nexage’s RTB exchange grew in bid volume by more than 70% per month in 2011.
Punit Chiniwalla, director of investments for SingTel Innov8, who is joining Nexage’s board of directors, said: "We are excited about investing in Nexage and helping them to continue to lead and accelerate the mobile advertising industry. Mobile advertising has quickly shifted from an experimental market to being an integral part of the advertisers’ ability to reach and compel consumers. Nexage is well-positioned to be one of the winners in this rapidly growing market."
John Albright, managing partner of Relay Ventures, said: "We have had the pleasure of being part of the Nexage story from the start, and we are very excited to be part of this round of financing. Nexage has not only demonstrated technology leadership, but also the ability to execute in the market, converting technology leadership to consistently strong results and satisfied customers."