Affiliate marketing and performance advertising platform, CityAds Media, has received a $5 million cash boost to help with its global expansion plans.
The Russian-headquartered firm, which operates a cost-per-action (CPA) model, supported with proprietary big data technologies, received the investment from Klever Internet Investments Ltd.
Founder of CityAds Media, Alexander Savchenkov, said the company will use the funds for international growth and technology development. Two new offices are set to open in Asia and CityAds Media’s representations outside of Russia are also set to increase by the end of 2014.
“We are glad to announce the deal with Klever Internet Investments as this partnership allows us to scale rapidly to new markets and put even more effort in proprietary technology development,” Savchenkov, said
“Today, the global market of online advertising is estimated at $101 billion, while the CPA market is $4.7 billion and rapidly growing. We expect CityAds to gain significant market share globally over time.”
CityAds Media launched in 2010 and has operations in Europe, Brazil, Russia and Ukraine.