Mobile advertising platform technology company Supersonic has closed a $15M million Series B financing round led by a new investor, SAIF Partners, one of China’s largest venture capital firms. Supersonic, formerly SupersonicAds, has developed an in-app monetization and user acquisition platform. The company will use the funds to further its growth, which is on track to cross an annual revenue run rate of $100 million this quarter, and expand its operations in Asia.
SAIF Partners and existing investor, Greylock Partners funded the round due to Supersonic’s plans to expand its business in China, Japan and India; with offices slated to open in Beijing, Tokyo and Bangalore by the close of the third quarter in 2014.
Supersonic co-founder and CEO Gil Shoham said, “We are significantly expanding our engineering and data teams to build user targeting capabilities on mobile. Working closely and experimenting with app developers and marketers over the past few years, we have identified several interesting opportunities that we believe will significantly improve user acquisition effectiveness and ROI,”
He added, “We view this investment as an opportunity to reach our aggressive growth goals over the next 18 months. By taking strategic investments from one of the most successful venture capital firms in China, as well as our existing investors, we believe we have secured the best possible outcome in the region.”
The Series B financing brings the total raised by Supersonic to $23.2 million and is the latest milestone in a significant growth period for the company. By the end of 2014, Supersonic estimates it will hire an additional 100 employees bringing the total to 250 people worldwide.
Supersonic is headquartered in San Francisco with its development center in Tel Aviv.
Published by Globes [online], Israel business news - www.globes-online.com - on July 23, 2014
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