Agency: Adam & Eve
By James Swift, campaignlive.co.uk, Monday, 08 April 2013 11:49AM
WPP Digital has invested in a series C preferred share round (or third round) for Miaozhen Systems’s parent company Leading Smart, alongside VC firms China Broadband Capital, Kleiner Perkins Caufield & Byers and Redpoint Ventures.
In 2010 WPP Digital invested in the British Virgin Islands-company Leading Smart alongside Redpoint as part of a series A preferred share round and has held a minority stake in the firm ever since.
WPP then upped its stakeholding in 2011 when Leading Smart held another fundraising. Leading Smart has a controlling interest in the parent company of Beijing-based digital advertising measurement company, Miaozhen Systems.
According to a statement from WPP, this latest investment continues the company’s strategy of investing in fast-growing markets. Greater China was WPP’s third largest revenue source in 2012, contributing $1.3bn (£847.6m), including associates. Digital revenue alone was more than $300m that year.
Miaozhen Systems was founded in 2006 in Beijing and employs roughly 280 people.
A spokesman for WPP Digital did not respond in time to comment on the article and provide details as to the amount of its investment.
This article was first published on campaignlive.co.uk