Chinese mobile ad exchange Adwo announced that its has raised US$12 Million in Series B round of financing led by Translink and Japan’s Vangoo Investment Partners. The Beijing-based company raised a million dollars first round in the first half of 2011.
According to Wang Xudong, CEO of Adwo, that the company’s ad network now covers more than 80 million smartphones and over 20,000 mobile apps in China with a monthly sale of RMB 10 million. They’re targeting RMB 100 million sales in this year. Wang also revealed that they’re planning branch offices in Hong Kong and Japan. Mobile advertising sector has been seeing momentum growth as smartphone shipments skyrocketing in China. A bunch of creative startups including ad networks like MadHOuse, MediaV, Adwo and Admob and aggregators like GuoheAd and Adview emerged upon the scene to tap into the mobile shifting trend.