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Friday, September 16, 2011

Mobile ad network InMobi picks up multi-million dollar investment

InMobi, the world’s largest independent mobile ad network, is receiving a $200 million (£127 million) investment from Softbank. The first $100 million will be handed over this month, followed by another $100 million in April 2012. Previous investments have come from Kleiner Perkins Caufield & Byers and Sherpalo Ventures.

Naveen Tewari, Founder and CEO of InMobi, said “The size of the investment and quality of investor validate the enormous potential in mobile today and strengthen our role in helping the industry evolve. We have already established ourselves as a leader in mobile advertising on every continent. This is just the beginning. With a global leader like Softbank behind us, we are now well positioned to fully capitalize on the opportunity before us through substantially increased product innovation, deeper market penetration, and acquisitions across the mobile ad value chain.”

In its most recent quarterly report, InMobi said it had served 112.5 billion mobile advertising impressions worldwide.

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Author: The Fonecast
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