AdChina, a Shanghai-based online advertising network, has raised $10 million in Series A funding led by Mayfield China.
AdChina, a Shanghai-based online advertising network, announced today that it has closed its first round funding of $10 million led by Mayfield China.
AdChina was founded in April 2007 by a team of executives from the Internet and advertising technology space. AdChina has built the best targeting technology solution in China, serving brand advertising into verticals like women, teenager, auto, finance, and consumer electronics, etc. Headquartered in Shanghai, the company has established regional sales offices in the major tier one cities, and signed up premium brand advertisers like Unilever, L’Oreal, Adidas, etc.
Powered by a robust consumer market and growing number of Internet users, online advertising has been growing at exponential speed in China in the last few years. In 2007, brand-focused advertising accounted for over 50% of the $1.37 billion market in China, according to iResearch, with search ad spend accounting for the remainder.
“The Chinese online ad market has been growing very fast in the past years and the 2008 Olympic Games is spurring ad spending,” said Alan Yan, Founder and CEO of AdChina. “With a great team and funding in place, we are confident to rapidly scale our business and build AdChina into a leading ad network in China.”
“We have been looking at the online advertising space in China for a while, and the AdChina team has the most impressive background in advertising technology as well as publisher and advertiser relationship in China,” said James Ding, Managing Director of Mayfield China.
Jack Xu, who angel funded AdChina and advised the founders, is also excited about the closing. “We continue to be optimistic about the online advertising market in China, and look forward to working together and building AdChina into a world-class online advertising company,” he said. Xu, who is Vice President at Cisco Systems Inc and former eBay’s VP of Engineering, will also join the board with the investors.
About AdChina, Inc.
AdChina is China’s leading online ad networks focusing on women, teenager, auto, finance, and consumer electronics sectors. With its proprietary AdManager, AdTarget, and AdContent platform and technologies, AdChina commits to become the first choice of online ad network for major brands.
About Mayfield China
Mayfield China (DBA “GSR Ventures”) primarily invests in early stage technology companies with substantial operations in China that have potential to become global leaders. Mayfield China’s investments include semiconductor, Internet, wireless, and new media. The fund currently has about $300 million under management, and has affiliate offices in Beijing and Silicon Valley.