IDG Ventures India, a $150 million early-stage technology venture capital fund, has announced its Series A investment in online advertising network Ozone Media. As part of the investment, Manik Arora and Ritesh Banglani from IDG Ventures India would join the company’s Board of Directors.
Commenting on the investment, Kiran Gopinath, Founder and CEO of Ozone Media, said, “Ozone Media has acquired India’s largest publisher base with a focus on premium inventory, which has allowed us to grow rapidly by attracting advertisers. We are thrilled to partner with IDG Ventures to extend our leadership position by leveraging their expertise and networks in Internet and media across India. We plan to use the funding to reach out to a broader set of advertisers and expand our sales and technology teams.”
Manik Arora, Founder and Managing Director of IDG Ventures India, said, “Having successfully invested in ad networks globally, we are excited to partner with Ozone Media to rapidly scale the company. We are impressed with Ozone’s rapid growth and market leadership position as well as the team’s deep understanding of online advertising.”
As an ad network, Ozone Media provides advertisers who want to leverage the Internet access to websites in its database. It utilises advanced behavioural and contextual targeting techniques to identify the most relevant websites for advertisers and further allows those advertisers to track performance of their campaigns.
The company has accumulated a large volume of premium inventory, especially in regional language and video.
IDG Ventures is a global network of venture capital funds with over $2 billion under management and a portfolio of over 220 companies built over the last 15 years. IDG is considered a domain expert in online advertising, having previously invested in market leaders such as Blue Lithium in the US (later acquired by Yahoo for $300 million) and Allyes in China (acquired by Focus Media for $300 million).