China private equity investor Gaorong Capital has led a hefty $48m Series A financing round for Shanghai-based digital advertising business Avazu.
The company said an unnamed US buyout house and several internet companies also took part in the round, which will be used to expand the business through global acquisitions.
Avazu currently has offices in Beijing, Tokyo and Amsterdam and plans to launch in New York, London, Seoul and Berlin in the next three-to-six months.
Chinese display advertising business Focus Media, which is backed by US buyout giant Carlyle, is currently considering a $1bn IPO in Hong Kong next year despite only being delisted from the Nasdaq last summer.
That MBO was the biggest to ever happen in China at $3.7bn, and also featured backing from Chinese state-funded investor CITIC, private equity firm FountainVest Partners, CDH Investments and China Everbright.
Copyright © 2014 AltAssets