xAd, a location-focused mobile ad network, announced Thursday it has raised an additional $US50 million in funding, backed mainly by Institutional Venture Partners.
The company, which focuses on using mobile to boost in-store traffic and sales, also brought in funding from Emergence Capital, Softbank Capital, and Silicon Valley Bank.
“The ad tech space continues to be not the most diverse space in the public market,” xAd CEO Dipanshu Sharma tells Business Insider. “Despite that we were able to raise a very good valuation, more than most public companies.”
Earlier this year we reported the company’s gross revenue was around $US65 million. While xAd would not disclose revenue at this point in time, Sharma tells Business Insider the company “doubled revenue the year before last and are more than doubling that this year,” while maintaining profitability.
The mobile company separates itself from other mobile ad companies in the industry mainly through its location component. It collects data about consumers’ locations and where they’re going to understand where they might go next and what they intend to buy. Advertisers can leverage that “intent data” to help drive future purchases.
“There isn’t necessarily a marketplace for location, and we build the largest marketplace in the market, which is now live in six countries,” Sharma says.
Sharma says xAd has just over 150 employees and recently expanded to locations in the UK, Canada, and Germany, with plans to open offices in China and France down the road. xAd also says over one million advertisers are currently buying and bidding in the xAd marketplace, with over 10 million campaigns running in the marketplace in any given month.
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