AdAsia Holdings, an advertising technology company has closed US$12 million in Series A funding from JAFCO Asia. This is reportedly the largest disclosed Series A funding round for a Southeast Asian adtech company.
“We want to gain a big market share in our bid to become the biggest advertising technology company in Asia, and this funding will only strengthen our push,” said Kosuke Sogo, CEO and Co-founder, AdAsia Holdings.
The company plans to use the funds in three ways:
- Footprint expansion – Entry into new markets including China, Hong Kong, Japan, Philippines and Malaysia in 2017
- Growth of headcount – Company aims to grow headcount to 400 by the end of 2018
- Product development – Establish product development center in Vietnam and speed up integration of both artificial intelligence (AI) and machine learning into existing products and future innovations
“The funding has accelerated our quick growth, and in our move to enable marketers, advertisers and publishers across Asia to leverage on intelligent tools, we plan to cover the majority of Asia by the end of 2018,” said Sogo.
“AI and machine learning will provide an added layer on top of our current product lineup that includes the AdAsia Digital Platform and CastingAsia. It will also be a big part of future innovations, addressing the needs of modern marketers, advertisers and publishers,” he added.
Over the past year, the company has also been building up its video and display ad networks including premium publishers like Sanook and Kapook in Thailand, YAN News in Vietnam, Kompas Gramedia Group and Kapanlagi Network in Indonesia, and Apple Daily in Taiwan.
“In the last few years of my stint in South East Asia, I have never come across a company like AdAsia Holdings. This company has a very high growth trajectory due to their unique model. Both founders also have proven track records in the industry, exemplified through the company’s progress in just one year of operation,” said Yoshiyuki Shibusawa, President and CEO, JAFCO Asia.
The Singapore-headquartered company began operations in April 2016, and currently has seven offices in six countries, with Shanghai soon to follow. The company has a global headcount of over 90 staff and more than 300 clients globally.