Nexage, a mobile ad exchange using real-time bidding, has raised $10 million in Series B funding.
The round was led by SingTel Innov8, the venture arm of Asian telecom company SingTel. Nexage CEO Ernie Cormier says Singtel is approaching this like any other venture investment, and that “there’s no requirement int the funding that we do X, Y, and Z for SingTel.” At the same time, there are likely to be some partnership opportunities, especially given Cormier’s stated “desire to expand our footprint into Asia.”
The company claims that last year, bid volume in the exchange grew more than 70 percent each month. New publishers include Dictionary.com and Cut the Rope-developer Zepto Lab.
In addition to global expansion, Cormier says the funding should also help with further product development. He won’t get into details until the new products launch, but on a high level, he says Nexage will be expanding to include “other pieces of the ad stack,” with the goals of making it easier for publishers to monetize inventory, of helping advertisers target their campaigns, and of increasing liquidity in the mobile ad marketplace
Nexage has now raised a total of $14.5 million. Previous investors Relay Ventures and GrandBanks Capital also participated in the round.