Mobile marketing company Adenyo just announced that it has snagged $26.9 million in new funding to accelerate its international growth. The company offers a one-stop-shop for mobile marketing needs including mobile ad serving and media planning. While the ease of hiring one firm to do all the work for a mobile marketing campaign, Adenyo has its share of large competitors and start-ups looking to take its place with greater innovation in mobile marketing.
The Toronto-based company, formerly known as Silverback Media, uses a Software-as-a-Service model that enables companies, brands, agencies, marketers, and media companies to add mobile campaigns into their traditional marketing campaigns. Its key competitor Velti is also doing well in the market. Adenyo offers four core services: mobile marketing and advertising, mobile coupons, mobile storefronts, and mobile analytics, Adenyo has lured over 200 customers in North America and Europe such as Volkswagen, Samsung, L’Oreal, Air Canada, Chevrolet, Skype and Virgin Mobile to pay for its services.
“The mobile economy is growing at an astonishing rate and global brands are beginning to realize its potential to expand their reach, interact with their customers with far greater precision and gain immediate feedback and measurement,” said Tyler Nelson, Adenyo chairman and CEO, in a release.
The $26.9 million financing includes a $17.2 million institutional round led by Genuity Capital Markets and $9.7 million in private placements raised since July 2009. With the close of the institutional round, the company has appointed Dennis Kavelman to its board of directors. Kavelman served as Research in Motion’s CFO from 1995 to 2007 and then COO until 2009.