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Sequoia, Canaan back Asian mobile advertiser AdNear with $6.3m investment

29 Nov 2012

Venture capital heavyweight Sequoia Capital has joined Canaan Partners to invest $6.3m in location-based mobile advertising platform AdNear.

The company said the Series A round would be used to support its expansion plans across the Asia-Pacific region and treble its team to 60 people over the next six months.

AdNear currently provides services in India, Singapore, Australia and several other Asia Pacific countries, helping advertisers target consumers by using location-specific profiling.

Earlier this month Canaan Partners  added former Kapor Capital executive and Cubetree co-founder Ross Fubini as a venture partner.

Fubini has over 15 years’ experience as a founder, technology executive, investor and startup advisor and will play an integral role in identifying and backing early-stage technology deals at Canaan, the firm said in a statement released today.

In August Sequoia Capital made a $4.5m investment in web-based Indian health service organiser Practo.

Practo said the funds would be used to more than quadruple its 80-strong team within the next couple of years and expand into the global marketplace.

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