Proceeds from this investment will be spent on expanding its Asia Pacific (APAC) footprint and entering new markets such as China, Hong Kong, Japan, Philippines and Malaysia; expanding its workforce to 400 staff by the end of 2018; and establishing a product development centre in Vietnam to accelerate the integration of both artificial intelligence (AI) and machine learning into existing products and future innovations.
According to AdAsia, this is the largest disclosed Series A funding round for a Southeast Asian ad tech (adtech) company and largest Series A funding round for an Asian ad tech company, excluding Chinese-headquartered companies.
AdAsia Holdings’ flagship product, the AdAsia Digital Platform, provides solutions enabling programmatic buying and reporting across display, video and native ads on both desktop and mobile.
While the company has claimed it is the “largest single investment made in a company by JAFCO Asia in a single round,” according to data compiled by Crunchbase, JAFCO Asia has led investments in several other firms that exceed this specific investment.
JAFCO was established in 1990 and has offices in Singapore, Hong Kong, Taipei, Seoul and Beijing. With more than $1.2 billion funds under management in aggregate, JAFCO Asia has reportedly divested more than 260 companies, of which at least 86 have been publicly listed.
AdAsia, their latest portfolio firm, commenced operations in April 2016 and currently maintains 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.
Kosuke Sogo, CEO and co-founder of AdAsia Holdings said: “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.”
Sogo commented: “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.”
“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 adds.
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.
Additionally, the company has digital marketing consultants and in-house creative teams to support marketers and advertisers in their activities, providing end-to-end solutions across online advertising and influencer marketing.