SingTel Innov8 leads US$10M investment in Boston-based mobile ad exchange Nexage
June 7, 2012 by Terence LEE
Nexage will use the investment to build its products and technology, add sales staff and possibly expand its ecosystem of buyers and sellers. More than 300 publications and developers, as well as 150 ad buyers user Nexage’s real time bidding system to secure mobile display inventory.
“We’ve shown customer acceptance, we’ve shown success in the market, and we want to grow fast, and stay ahead of the market, and that’s what we’ll be using the funding for,” said Nexage CEO Ernie Cormier.
The company’s bid volume increased 70 percent a month in 2011, while ad requests have surpassed 100 billion.
Said Punit Chiniwalla, director of investment for SingTel Innov8, in a statement: “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.”
SingTel, Singapore’s largest mobile carrier, has been actively trying to diversify away from the traditional telco business. It has made a series of acquisitions of digital companies, as well as investments through Innov8.
Check out more SingTel-related news and features.
Company: SingTel Innov8
SingTel Innov8, the venture capital subsidiary of SingTel, manages a fund size of USD158M. It invests in technologies in the fields of network capabilities, next generation devices, digital content services, and customer service enhancers.View profile: Innov8 More articles: Innov8
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Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE