Mobile Advertising Network Yeahmobi Raises About $100 Million in Funding for Expansion
22 Dec, 2016, 09:28 GMT
XI'AN, China, Dec. 22, 2016 /PRNewswire/ -- Mobile performance marketing network Yeahmobi has just raised RMB 639 million (about $100 million), to bolster its global expansion. The Xi'an, China-based company is now valued at about RMB 5 billion (about $720 million).
Investors in the private placement include Beijing Bohai Tongxin Private Equity Fund (RMB 120 million), Nanjing Huawen Hongsheng Startup Investment Fund (RMB 100 million), Shenzhen Qianhai Bochuang Private Equity Fund (RMB 60 million), and 11 others.
The funding is said to be used as working capital needed in mobile advertising business in subsidiary companies and branches, as well as acting as reserve fund for the company's M&A efforts of consolidating global digital media assets. As part of Yeahmobi's global aspiration, Yeahmobi plans to leverage the favorable capital market conditions in its home market to pursue global growth opportunities. The main purpose of the M&A will be to upgrade the technology and to build presence in certain markets of the company that complement Yeahmobi's existing reach. Additionally, the move will position Yeahmobi well for the next wave of industry consolidation.
Launched in 2011, Yeahmobi is an intelligent mobile advertising platform designed to help mobile technology companies reach global growth, acquire active users and monetize inventory.
The company operates in the field of consumer apps, mobile games, cross-border e-commerce, internet finance, lifestyle, travel and other industries, delivering global coverage. Yeahmobi generates more than 90 million monthly activations in over 200 countries and regions, with the vision to "flatten the world with technology."
The previous funding round of the company was closed in April 2016, and raised $25 million through equity funding, led by Chinese tech giant Xiaomi and its CEO Lei Jun.
In profitability, the company reported half year result of 2016 by making $11 million net profit out of $97 million revenue, sustaining growth in business operations.
Yeahmobi has just won Mobile Champion of China Channel Partner award from Google, based on international performance standards and criteria including traffic volume, number of active users, and reach of service. In 2015, the company was also named as "The Best Mobile Ad Service Premier Partner" and "The Fastest-Growing Premier Partner" of Google.
Yeahmobi has 320 employees in offices in Xi'an, Beijing, Shanghai, Shenzhen, New Delhi, Berlin, Tokyo, and San Francisco.
SOURCE Yeahmobi