Californian startup PocketMath, a self-service mobile demand side ad platform, has gained $10 million in Series A funding from the Venture Capitol (VC) department of Japanese e-commerce company Rakuten.
PocketMath allows anyone to place ads using a real-time bidding (RTB) system which targets audiences on mobile devices and supports a number of ad networks, including InMobi, Opera Mediaworks and Twitter-owned MoPub, claiming to process over 20 millions ad impressions a day.
First outside investment
Co-founder Casey Grooms told TechCrunch the funding will be put towards hiring sales and marketing staff, in addition to developing new technology and expanding sales presence to Berlin, London, Paris, Tel Aviv and Washington DC.
“China will also be heavy growth market — we feel it’s ripe for the taking. At this point, we want to grow our business and become the de facto platform the world is using for mobile ads” he added.
Enabling better user experience
The funding takes a considerable amount away from Rakuten Ventures’ $100 million investment fund which was launched earlier this year with the objective of focusing on start-ups in Israel, the Asia Pacific region and the US.
As part of the deal, Rakuten Ventures’ Managing Partner Saemin Ahn will join the PocketMath board. Ahn states that the funding will support Rakuten Ventures’ “broader goal of long-term investments with startups that have the technology and potential to enable better user experience and facilitation.
Over time, this will include an increased focus on growing the ecosystem, technology, membership, and financial returns” added Ahn.
Other companies who have benefited from the investment include Coda Payments, Send Anywhere and Carousell.