Smaato Nets $7m

Mobile ad firm Smaato has closed a new institutional funding round. Singapore’s EDBI led the $7m (£4.4m) round, with participation from existing shareholders, including global private equity firm aeris CAPITAL. The new funds will help fuel Smaato’s international expansion, in particular to extend its presence in Asia from its Asian headquarters in Singapore.

“Smaato is a leader in the mobile advertising optimization space, with its highly innovative advertising optimization platform,” says EDBI’s CEO, Ms. Chu Swee-Yeok. “As a digital advertising hub, Singapore is an ideal base for Smaato to address the fast-growing mobile ad market in Asia, given the high concentration of ad networks, media agencies, and publishers here. EDBI looks forward to working closely with Smaato to partner key industry players leveraging on our networks in the region, and executing the company’s ambitious expansion plans in Asia.”

More than 11,000 publishers have signed up with Smaato to monetize their mobile content, with the company now managing close to 20bn ad requests per month. Smaato says that with the new funds, it will further grow its more than 55 staff worldwide, and strengthen its position as the largest mobile advertising optimizer.
“We have seen a tremendous growth in Smaato’s revenues in 2010,” says Smaato CEO and co-founder, Ragnar Kruse. “For 2011, we expect even more exponential growth by partnering with leading mobile publishers and app developers worldwide. Singapore has proven to be an excellent location to expand our Asian business. This new round of funding will help us improve our reach, foster product innovation and grow the Smaato team worldwide.”