AdAsia Holdings to launch in five new markets after $12m funding boost
Digital ad platform AdAsia Holdings has revealed an ambitious expansion strategy with plans to open offices in China, Hong Kong, Japan, Philippines and Malaysia this year.
Kosuke Sogo, CEO of AdAsia Holdings
The Singapore-headquartered company, which launched in April last year, currently has offices in six countries, including Thailand, Indonesia, Vietnam, Cambodia and Taiwan.
It plans to expand its offices and grow its staff members from 90 to 400 people by the end of 2018. In line with the growth, AdAsia plans to more than double revenues with a target of US $30m for 2017, up from $12m in 2016.
The growth strategy is being fueled by a dedicated fund after the company received US$12m in series A funding from JAFCO Asia.
The deal is the largest disclosed series A funding round for a Southeast Asian ad tech company, according to AdAsia Holdings CEO and co-founder Kosuke Sogo.
Sogo said, “We want to gain a big market share in our bid to become the biggest advertising technology company in Asia, and this funding will only strengthen our push.”
“The funding has accelerated our quick growth, and in our move to enable marketers, advertisers and publishers across Asia to leverage on intelligent tools, we plan to cover the majority of Asia by the end of 2018,” said Sogo.
AdAsia Holdings will also launch a product development center in Vietnam to help accelerate the integration of artificial intelligence (AI) and machine learning into the company's existing products as well as future developments.
“AI and machine learning will provide an added layer on top of our current product lineup, that includes the AdAsia Digital Platform and CastingAsia. It will also be a big part of future innovations, addressing the needs of modern marketers, advertisers and publishers,” said Sogo.
AdAsia will open its China office in Shanghai next week led by China country manager Tatsumi Watanabe. Watanbe brings a wealth of experience in the Chinese market having worked in agencies such as ADK, FJ Solutions and Yomiko & Daiko.
Sogo told The Drum, the move to launch in China was driven by demand from clients, such as Japanese airline ANA, which is keen to target China’s big spending travelers.
“China is a big, mature market. It is more competitive and there are a lot of tech vendors so it will be tough, compared to other markets in South East Asia. But, we have demand from clients and unique advertising formats and products, so I don’t think it will be difficult for us to create inventory and grow the business.”
AdAsia Holdings will also launch its Japan office in the coming month, with the Tokyo and Shanghai offices expected to be key drivers behind the company's growth along with Indonesia, Vietnam and Thailand.