News

Adfonic secures investment as it gears up for expansion

Wednesday 11th November 2009

Adfonic, the web-based self-service global mobile advertising marketplace, today announced that it has secured $600k in its first round of funding. The money raised will fund the recruitment of key personnel and the next phase of development for its advertising platform.

The funding comes from Gordon Shields, a clean tech entrepreneur, who is best known for founding Shields Environmental and Fonebak (now Regenersis), both leading environmental companies. Gordon has a great track record as an entrepreneur, growing Fonebak's turnover from zero to over £20m in its first year (turnover is now over £100m). He is also experienced in international M&A, cross-border businesses and fundraising and will be an active investor, providing additional resource and experience to this fast growing business.

Launched in July, Adfonic offers the industry's most advanced targeting capabilities and campaign management tools, enabling advertisers to deliver relevant messages to specific audiences on mobile devices through both the mobile web and application platforms such as iPhone and Android.

Victor Malachard, CEO of Adfonic, comments: "We are thrilled that Gordon has joined the team here at Adfonic and already his insight is proving invaluable. Gordon's investment will ensure we can grow the team and increase the capabilities of the platform, enabling us to continue to attract the leading advertising agencies and brands and grow our base of key publishers. It is the investment we require at this stage and ensures minimum dilution of equity for the founders"

Gordon Shields, investor in Adfonic, adds: "The Adfonic team has strong leadership, great technical capabilities and a clear and decisive plan to grow the business. It gives me confidence that they offer a clear yet creative analytical platform. I have watched this innovative and ambitious team enter a competitive market and now look forward to sharing with them my experience and connections in the mobile sector."

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For further information, please contact:

Media contact:

Emma Parlons on behalf of Adfonic on +44 7958 951 118 or at emma[dot]parlons[at]yahoo[dot]co[dot]uk

Other business:

Paul Childs CMO at Adfonic on +44 7711 417 430 or at paul[dot]childs[at]adfonic[dot]com

About Adfonic

Launched in July 09, Adfonic is Europe's first self-service mobile advertising marketplace. Adfonic is headquartered in London, with operations in France, Spain and USA. Adfonic offers comprehensive and intuitive capabilities that make it easy for advertisers to connect with their target audience and for publishers to maximise the earning potential of their mobile sites and applications. The company was founded by three mobile and marketing industry veterans, Victor Malachard (CEO), Wesley Biggs (CTO) and Paul Childs (CMO) who collectively bring 40 years of mobile marketing, mobile technology and start-up experience to their roles.