Ad Dynamo secures 2nd round funding from Invenfin
Ad Dynamo is pleased to announce that it has raised further capital through a round of funding led by Invenfin Venture Capital. The capital will be utilized to fund the 1st phase of Ad Dynamo’s international expansion program into key foreign territories. The funding amount is undisclosed at this time.
Countries included in Ad Dynamo’s international expansion strategy are Nigeria, Kenya, Egypt, Poland, Spain, UK, the Netherlands, Brazil, Columbia and Mexico. Although Ad Dynamo already operates globally in multiple currencies, it will now focus on establishing a physical presence within each priority market. The country selection sees a mix of emerging and developed economies, as whilst emerging markets represent great opportunity for Ad Dynamo, the reality is that the commercial decisions about where budgets are directed are principally still led from developed countries.
Ad Dynamo will introduce its performance advertising product (contextual advertising) for mobile and web to all markets and its display advertising product (The Premium Marketplace) will be introduced to selected markets. Established local resources in each country will be leveraged to ensure that Ad Dynamo is represented by a team that is familiar with the advertising landscape, cultural nuances, and particular sensitivities and decision drivers within their marketplace.
Sean Riley (CEO of Ad Dynamo) says: “I’m pleased that we have secured funding from the same VC fund that backed Ad Dynamo at its start-up stage, as Invenfin has been a great partner to Ad Dynamo. This next round of funding is significant and shows strong support and commitment on Invenfin’s part, and will enable the business to execute its strategic objectives over the next year. 2010 saw Ad Dynamo achieve some real progress, including the introduction of our mobile advertising platform and activation of seamless international trading. We are well positioned to develop Ad Dynamo into a globally recognized contextual advertising marketplace over the year ahead.”
Invenfin is the Remgro Group’s venture capital arm, and Jannie Durand, Invenfin Chairman and Remgro’s Chief Investment Officer, says: “Our group has a passion for investing into early stage innovation and intellectual property led by vibrant entrepreneurs, and I am pleased with how Invenfin is carrying out that mandate. Ad Dynamo fits that bill and Invenfin is pleased to have been asked to provide its next round of funding, as we’re excited by Sean’s plans for Ad Dynamo.”
