Adfonic secures £4.7m of fresh investment
Mobile advertising marketplace aiming to increase its share of £2bn global market
Mobile advertising marketplace Adfonic has received £4.7m of new investment, intended to fuel continued growth across Europe, North America and the Asia-Pacific region.
The funding, provided by Adfonic’s existing investors, will enable the company to build on a remarkable recent period of growth, which has seen revenues increase ten-fold over the last 12 months.
The company plans to open a network of new offices across its three regions of operation by the end of 2011, and increase headcount from 40 to 100 staff in the next year.
Global mobile advertising spend is forecast to exceed £2bn in 2011 – more than double its 2010 figure – and Victor Malachard, CEO of Adfonic, believes his company is ideally placed to capitalise.
“This market is growing at a terrific pace and I’m delighted with the progress we’ve made over the last two years. This further round of investment will be used to consolidate our dominant position in the European market and to accelerate the tremendous momentum we have across the globe.
“We have a clear strategy for growth underpinned by further international expansion, recruitment across core functions and enhancements to our leading-edge platform.”
Gordon Shields, founder of Shields Environmental and a serial investor, is one of Adfonic’s principal backers. He said: “I have been an investor in Adfonic from day one and the expertise of the management team, the quality of the Adfonic offer and the growth potential of the market means the company is ideally placed to lead in this industry.
“The impressive track record achieved so far and the robust plans for the future give me great confidence that the company will remain at the forefront of the rapidly growing mobile advertising industry.”