Advertising data platform Near raises $100m to fuel global expansion
Advertising tech platform Near has secured $100m (£80m) in funding from a London-based private equity firm as it looks to expand its global presence.
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The Singapore-headquartered ad firm said its new funding round, which comes from Greater Pacific Capital (GPC), will also allow it to roll out a new suite of data products.
Near’s platform uses AI to help brands track real-life data from more than 1.6bn monthly users, allowing them to tap into customers’ behaviour offline as well as online. The firm counts News Corp, Wework and Mastercard among its clients.
“We are humbled that we were able to close one of the largest rounds in our industry; it is a testament to our offering backed by unique data-sets and powerful science,” said Near founder and chief executive Anil Mathews.
“With the new funds, we will be launching a suite of new data products, powered by the core platform. Further, the funds will not just help us strengthen our position in the existing markets, but also to open up key strategic markets.”
Near said it has enjoyed significant growth since the launch of its flagship product Allspark, which provides insights such as customer home and work locations and brand affinity.
The firm has previously received backing from Sequoia Capital and JP Morgan, and the latest cash injection takes its total funding to $134m.
GPC chief executive Ketan Patel said: “Near provides insights into human behaviour by analysing where people are, and combining that with a multitude of data points to predict and influence behaviour.
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“Given it does this across the globe in a privacy protected manner, it is well-positioned to create an exciting new space that delivers value to both people, and those that wish to build relationships with them.”