Online ad network AdChina has raised USD10m in Series A funding led by Mayfield China. Cisco Systems VP, Jack Xu, also added to the round and joins the AdChina board. The Shanghai-based firm will use the funds to expand in the domestic market.
“The Chinese online ad market has been growing very fast in the past years and the 2008 Olympic Games are spurring ad spending,” says AdChina’s founder and CEO Alan Yan. “With a great team and funding in place, we are confident to rapidly scale our business.”
AdChina was founded in Apr 2007 and uses a targeted ad system to cater for a range of publishers and advertisers, covering topics such as cars, finance and consumer electronics. Advertisers including Unilever, L’Oreal, Adidas have signed up to the service.
China will overtake the UK and Germany to become the third-largest ad market in the world by the end of 2008, with a 6.8% share of the global market, predicts WPP-division Group M.