Nanigans Raises $24M in Series B Financing
BOSTON--(BUSINESS WIRE)-- Nanigans, Inc., the leading worldwide provider of social and mobile advertising software and pioneer in advertising automation software, announced today that it has closed a $24 million Series B financing. The financing is led by Cheetah Mobile (NYSE: CMCM), the world’s leading mobile utility application developer. Also participating in this financing is current investor Avalon Ventures and new investor Wellington Management Company LLP.
The funding follows Nanigans successful transition to a true Software-as-a-Service (SaaS) business model. Said Nanigans co-founder and CEO, Ric Calvillo, “We’ve spent five years developing our advertising automation software, and for good reason. Automating digital advertising allows marketing teams to bring this critical function in-house, resulting in both significant performance gains and cost savings. Nanigans software enables customers to manage, measure, and optimize their online advertising across multiple channels. Our customers run over $500 million in annualized ad spend using our software, confirming our leadership position.”
With this new round of investment Nanigans plans to expand its social and mobile publisher channels, accelerate international growth, and continue to revolutionize digital advertising. “Our customers—and now our new investors—recognize our software for the breakthrough that it is, and together we are changing how digital advertising is done,” added Calvillo.
The funding will also expand Nanigans’ global reach. Headquartered in Boston, the company currently has offices in New York, San Francisco, London, Singapore, and Sydney. The investment in Nanigans by Cheetah Mobile, a leading Chinese Internet company, underscores the global nature of the market and will accelerate its business in Asia under a strategic commercial agreement between the two companies.
“Nanigans advertising automation software is a natural next investment for Cheetah Mobile as we aggressively build up our advertising platform capabilities,” stated Sheng Fu, CEO of Cheetah Mobile. “Nanigans plays an important role in the social and mobile advertising ecosystem, as evidenced by its strong customer base, and this funding will help the company quickly expand to even more channels. We’re looking forward to working closely together to help create the world’s best tools for advertisers and publishers.”
“Nanigans has remained at the forefront of innovation in ad technology since we originally invested, helping companies generate real revenues and results from social and mobile,” stated Rich Levandov, Partner at Avalon Ventures. “With notable momentum in the market already, we’re excited to see their great team and company grow faster with this new round of funding.”
For more information, please visit: www.nanigans.com.
About Nanigans, Inc.
Nanigans advertising automation software powers the world’s leading in-house performance marketing teams. Offered as Software-as-a-Service, Nanigans software features programmatic media buying, predictive revenue optimization, and real-time business intelligence across today’s most valuable social and mobile channels.
About Cheetah Mobile Inc.
Cheetah Mobile is a leading mobile internet company with approximately 395.4 million mobile monthly active users in December 2014. Its mission critical applications, including Clean Master, CM Security, Battery Doctor and Duba Anti-virus, help make the internet and mobile experience speedier, simpler, and safer for users worldwide. Cheetah Mobile is the publisher of Clean Master, the #1 mobile app in the Google Play Tools category worldwide by monthly downloads in December 2014, according to App Annie. The Company also provides various platform products such as Duba.com, Cheetah browser, game centers, and mobile app stores to provide multiple user traffic entry points and global content distribution channels for its business partners.
About Avalon Ventures
Avalon Ventures is a venture capital firm that has founded and/or funded more than 100 information technology and life sciences companies. The firm is passionate about backing talented entrepreneurs seeking to build market-leading companies. Throughout the firm’s 30 year tenure, Avalon’s long-standing and successful focus has been on seed and early-stage companies.
Cheryl Morris, 508-289-1446
Source: Nanigans, Inc.