US: New York-based mobile ad startup xAd has raised $ 50 million in equity and debt funding in a bid to deliver hyperlocal mobile marketing in a big way.
The funding is backed mainly by Institutional Venture Partners followed by Emergence Capital, Softbank Capital, and Silicon Valley Bank.
Using geomarketing, xAd provides a contextual local targeting opportunity to get closer than even a ZIP code. While opening an app, the xAd platform ties in a user’s exact location. An ad request is targeted to that device and location, and then xAd transmits any further information they have about the user.
The USP of xAd is it gathers data about buyers’ locations and where they are headed to understand where they might go next and what they mean to buy. The resultant ‘intent data’ can be leveraged by the advertisers to help drive future sales in a significant way.
Dipanshu Sharma, xAd CEO, “Our business is growing very fast and doubling over last year. Outside of the U.S., xAd is now live in Germany, the UK, Canada and India and about to go live in China and France.”
Dennis Phelps, a general partner at IVP who is joining xAd’s board too, remarked on the occasion, “We get very excited about companies using tech rather than sales teams to grow.”
In terms of competition, xAd seems all set to share the space with biggies like Google and Facebook, who are swiftly creating ad platforms with geofencing capabilities and sitting tall on colossal amounts of user data.