InMobi, the world’s largest independent mobile ad network, has raised $8 million in its Series B round from its existing investors Kleiner Perkins Caufield & Byers and Sherpalo Ventures. Bangalore-based InMobi will focus on its recent US expansion, launch in Japan and continue to grow existing operations in Europe, Asia Pacific, and Africa. The company will also double its engineering staff to further enhance its mobile advertising technology platform globally, it said.
VCCircle earlier reported that Mumbai Angels, the seed investors in InMobi, are selling their shares in the company to KPCB and Sherpalo in a secondary transaction. The Mumbai Angels invested $500,000 in 2007. InMobi had raised $7.1 million in series A funding, and the new round brings the total funding to more than $15 million.
InMobi has 16.9 billion impressions monthly reaching 179 million consumers in 108 countries.
"After market launches in the US and Europe and further expansion in Asia and Africa, our global ad impressions increased from 7.5 billion to 16.9 billion monthly in just six months - it is clear our strategy is working.” said Naveen Tewari, CEO and Founder of InMobi. “This additional funding will help us capitalize on our early success and enable us to aggressively compete in major advertising markets globally.”
InMobi has exceeded our expectations every quarter since the company’s inception,” said Sandeep Murthy of Sherpalo Ventures. “They’ve not only developed a truly disruptive and leading edge technology, but applied flawless execution to deliver a market changing ad network platform that will achieve new levels in the industry with this funding.”