BOSTON, MA--(Marketwire - Jun 6, 2012) - Nexage, the leading mobile advertising exchange with the market's most advanced real-time bidding (RTB) platform, today announced it closed a US$10 million Series B financing led by SingTel Innov8, the corporate venture capital arm of the SingTel Group. Existing investors Relay Ventures and GrandBanks Capital also participated in this round of financing. Nexage plans to use the funding to expand its products and technology, global reach, and ecosystem of buyers and sellers to accelerate liquidity in the mobile advertising industry.
Key to the investment is the dramatic growth of mobile advertising and the vital role RTB has in fueling that growth. According to the IAB, mobile advertising spend grew 149% in 2011 and, according to Gartner, worldwide mobile advertising revenue will reach US$20 billion by 2015. The industry's rapid scaling and maturity is being driven by the emergence of RTB, which has become the strategic technology foundation of the mobile advertising industry. RTB creates unparalleled market efficiency and liquidity -- a key value realized across all of digital advertising.
Mobile RTB is unique, as it provides real-time discovery and targeting capabilities that are central to creating both advertiser value in driving campaign ROI, and publisher value in maximizing the value of their inventory while protecting their brands and channels. As the strategic technology foundation of mobile advertising, RTB is expected to mirror share of market in online; IDC predicts that RTB will support 27% of ad spend by 2015.
Nexage is leading RTB's charge; Nexage's RTB exchange grew in bid volume by more than 70% per month in 2011. On top of its RTB leadership, Nexage continues to expand its technology, customer base, and capability to further drive liquidity. Nexage recently released the Nexage Ad Server 2.0, added publishers including Dictionary.com and ZeptoLab (developer of Cut the Rope), and added buyers such as MediaMath and Drawbridge.
"The mobile revolution has reshaped how consumers work, learn, play, and live -- fueling the remarkable growth of mobile advertising," said Ernie Cormier, CEO and president of Nexage. "RTB is critical to the market's ability to meet this extraordinary opportunity, providing the requisite efficiency and liquidity and the unique real-time discovery and targeting capabilities that are essential to advertisers. With this financing in place, we will extend our RTB leadership and help drive the growth and maturity of the mobile advertising market."
"We are excited about investing in Nexage and helping them to continue to lead and accelerate the mobile advertising industry," said Punit Chiniwalla, Director of Investments for SingTel Innov8. "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." With this round of funding, Punit Chiniwalla will join Nexage's board of directors.
"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," said John Albright, Co-Founder and Managing Partner of Relay Ventures. "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."
Nexage is the leading mobile advertising exchange, connecting over 300 publishers and developers with over 150 demand sources. The Nexage Exchange, powered by Nexage's innovative integrated RTB and mediation platform, is the market's most advanced and complete exchange. As part of Nexage Exchange, RTB has scaled and continues to grow more than 70% per month, creating the largest and fastest growing RTB-driven mobile exchange. The Nexage Exchange delivers both public and private exchanges to enable buyers and sellers to benefit from a vibrant, highly liquid market with the associated controls so that both buyers and sellers grow their respective businesses as they want. Nexage serves customers on a worldwide basis with offices in Boston, New York, and San Francisco. Come visit us at www.nexage.com or follow us on Twitter @Nexage.
About SingTel Innov8
SingTel Innov8, a wholly-owned subsidiary of the SingTel Group, is a corporate venture capital fund, with its own set of decision making, approval and funding processes. It has an initial fund size of S$200 million.
SingTel Innov8 focuses its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices, digital content services and enablers to enhance customer experience. It works closely with the ecosystem of leading innovators, developers, government agencies, R&D and capital providers to bring cutting-edge technologies and solutions to the various markets the SingTel Group operates in.