Adfonic raises £4.7m to expand overseas

Adfonic, the European mobile advertising marketplace, has raised £4.7m in funding to pursue business growth overseas.

Adfonic: plots overseas expansion
Adfonic: plots overseas expansion

The investment round was led by Adfonic's existing investors and will help the company grow its presence in Europe, North America and Asia-Pacific.

The company, which launched in 2009, intends to grow its team from 40 to 100 next year.

Over the past 12 months it claims to have grown its revenues tenfold, increased its network of publisher sites and apps to more than 8,000 and driven monthly ad requests across the network to more than 15 billion.

Adfonic has run campaigns for brands including Peugeot, Yell, Tesco, Skype, Groupon and Google, and claims to reach 100 million unique mobile users.

Victor Malachard, chief executive of Adfonic, said: "This market is growing at a terrific pace and I’m delighted with the progress we’ve made over the last two years.

"We have a clear strategy for growth underpinned by further international expansion, recruitment across core functions and enhancements to our leading-edge platform."

Adfonic is looking to capitalise on the global growth in mobile traffic. Worldwide mobile ad revenue is forecast to more than double in 2011, reaching $3.3bn, according to Gartner.