Yeahmobi, a China-based mobile marketing network backed by smartphone producer Xiaomi, raised RMB639m ($92m) in funding on Monday through a private placement that valued it at $720m.
The new funding came from 14 investors including private equity funds Beijing Bohai Tongxin and Shenzhen Qianhai Bochuang, which invested RMB120m and RMB60m respectively, and Nanjing Huawen Hongsheng Startup Investment Fund, which supplied RMB100m.
Founded in 2011, Yeahmobi has built a mobile advertising platform that online consumer app, mobile gaming, cross-border e-commerce, online finance, lifestyle and travel businesses can use to grow and monetise their user base internationally.
Xiaomi and its chief executive Lei Jun led a $25m round for Yeahmobi in April this year, after the company had secured $15m in series A funding from three undisclosed China-based investors in 2014.
Yeahmobi recorded an $11m net profit in the first half of 2016 from $97m in revenue. The latest funding will be filtered down to subsidiaries for working capital and perhaps used for strategic acquisitions.
The company has already made investments in Japan-based mobile video advertising startup App-CM and India-based instalment buying platform KrazyBee this year.