Beijing-based Yoyi Media has raised $20 million in Series B financing led by Oak Investment Partners. Existing backers Steamboat Ventures and Shanghai-based Gobi Partners also contributed. Yoyi Media is a provider of targeted online advertising and marketing technology. The new money will help the company expand its video and rich-media advertising platform.
Yoyi Media, China’s leading provider of precision targeted online advertising and marketing solutions for advertisers and media publishers, today announced the successful completion of its US$20 million Series B financing, led by Oak Investment Partners with continued participation from existing investors, Steamboat Ventures and Gobi Partners.
Junfeng Liu, the Company’s Co-founder and Chief Executive Officer said, “We are thrilled to welcome one more world-class venture capital firm as investor and as business partner to help us extend our leadership in this dynamic industry. Oak’s experience and capabilities will be instrumental in helping us execute our vision to provide brand advertisers, agencies and media companies with a uniform and universal call to action in their advertising to create and deliver an online campaign accurately, efficiently and customer-friendly. ”
The new growth capital will fuel Yoyi’s efforts to not only enhance the company’s innovative video and rich media advertising platform, already used by top brands across China and in the world, such as Toyota, P&G, Dell, Microsoft, Adidas and Carlsberg, but also expand the sales force and marketing network to continue as the leader of China’s RMB32 billion online advertising market, with a 49% compound annual growth rate. The platform helps advertisers build online brand loyalty through interacting with millions of customers based on each individual’s characteristics, including age, profession, geographic location, income level and personal interests.
As part of the funding, Ren Riley, General Partner of Oak Investment Partners, will join Yoyi’s board of directors. “Yoyi has big ambitions and has been executing against some pretty aggressive benchmarks. The company is changing the definition of online marketing to reach and influence customers. We believe there is a significant opportunity to create value with superior technology and a result-driven approach,” Ren said.
“We continue to be enthusiastic about the company’s growth trajectory, management’s execution on stated goals, and the caliber of its team. We support Yoyi’s goal to deliver the most effective and efficient online marketing solution to advertisers,” added Perry Chui of Steamboat Ventures.
Lawrence Tse of Gobi Partners commented, “Brand advertisers are constantly seeking more efficient and accurate response mechanisms to engage and interact with consumers and Yoyi’s ubiquitous targeted marketing platform is the right fit. We are very satisfied with their achievements and are excited to be involved and help Yoyi as it grows.”
About Yoyi Media
Founded in 2007, Yoyi Media specializes in the research and development of online precision targeting technology and Internet marketing services. Yoyi provides both impression-based and performance-based advertising solutions and has developed a network of top publishers in China. Through three product-line offerings YO-Focus™, YO-Crazy™, and YO-Target™, Yoyi Media enables marketers and brands to reach targeted audience based on their demographics, behavior, expectation, time, and location. With support centers in Beijing, Shanghai, and Guangzhou, Yoyi Media serves top brands and their agency partners through a premium ad network that includes China’s best known portals and vertical sites. For more information, please visit www.yoyi.tv.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm. The primary investment focus is on high growth opportunities in Broadband Internet and Wireless Communications, Information Technology and Software Outsourced Services, Consumer Internet/New Media, Financial Services Technology, Healthcare Information and Services, Clean Energy, and Retail. Over a 33-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 495 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments
About Steamboat Ventures
With offices in Shanghai, Hong Kong, and Los Angeles, Steamboat Ventures is a global venture capital fund that invests in digital media, consumer and technology companies in the U.S. and Asia. Founded in 2000, Steamboat Ventures has invested in a range of leading digital media and consumer technology companies including: Fastclick (acquired by VCLK), Iridigm Display Corporation (acquired by QCOM), Pure Digital Technologies (acquired by CSCO), Quigo Technologies (acquired by AOL), and Duowan. For more information, please visit www.steamboatvc.com.
About Gobi Partners
Founded in 2002, Gobi Partners is a venture capital firm with its headquarter and incubation center in Shanghai, and offices in Beijing, Hong Kong, Tianjin, and Singapore. A leading investor in early stage digital media and technology companies, Gobi manages four funds totaling over US$300 million. Since its establishment, Gobi has funded dozens of early to traction stage companies, and continues to invest actively in the region.