AdChina, an online advertising network in China, has completed its series B round of venture financing led by Richmond Management, along with co-investors GSR Ventures and News Corporation. The amount of funding was not disclosed. The financing will enable AdChina to grow its staff and invest in several new technology and commercial initiatives planned for 2009-10, according to the company.
“We have long been aware of the talented team behind AdChina and are excited to support their ongoing success.” said Wendi Murdoch in a statement. She led News Corp’s investment in AdChina and is the wife of Rupert Murdoch, whom has had a long and expensive eye on the Chinese market.
Driven by a rapidly expanding online user base and growing domestic consumer spending, the market for online display ads in China is growing in excess of 30% per year on a $2 billion base for 2008 according to iResearch.
AdChina says it reaches 300 million, or 85% of the Chinese Internet users and has been pioneering many new models for branding and performance-based online advertising. The company closed a $10 million round back in 2007, led by Mayfield China.