AdOnMo, which is an outdoor advertising startup as of now, has secured $3 million in the funding round of Pre Series A led by the Ant Financial backed investment firm BAce Capital.
Some other investors which participated in this round include the Mumbai Angels Network and Astarc Ventures.
The startup will be using the funds to expand its operations in the country further. The capital will also be used for product development, building upon the existing team, and even hiring new people.
Speaking about the investment, Sandeep Bommireddi, Co-Founder of AdOnMo, said,
“We are delighted to have Alibaba-backed BAce Capital for our Pre-Series investment. Its long-term view and portfolio of investments in early-stage startups will provide many synergistic opportunities as we expand our operations to other geographies within the rapidly growing media-tech industry.”
Sravanth Gajula, Co-Founder of AdOnMo, said,
“We wanted to take a radically different approach to the problems in the advertising industry. We have invested and would continue to invest heavily in technology advancements and make the media-tech space not just accountable but constantly evolving and contextual. Over two years of our growth journey, we have filed seven patents. We expect further growth through more IP and patents in upcoming quarters.”