Near lands US$100 mil in Series D funding
By Digital News Asia July 17, 2019
- Investment comes from private equity firm Greater Pacific Capital
- Raised of US$134 million to date, including from Sequoia Capital and JP Morgan
NEAR, the platform that uses AI to make real-world data actionable, announced on July 17 that it has successfully landed US$100 million (RM411 million) in its latest round of Series D funding.
The investment comes from London headquartered private equity firm Greater Pacific Capital (GPC). With this fresh investment, Near has raised a total of US$134 million (RM550 million) to date, including from Sequoia Capital and JP Morgan.
The Near platform has the largest data-set of people’s behaviour in the real-world. Brands, enterprises and publishers leverage on the use of location, transaction and other unique real-world signals from over 1.6 billion users in the platform for data enrichment and marketing, in a privacy-led environment.
Near founder and chief executive officer Anil Mathews (pic, right), said, "We are humbled that we were able to close one of the largest rounds in our industry. It Is a testament to our offerings backed by unique data-sets and powerful science. With the new funds, we will be launching a suite of new data products, powered by our core platform. These funds will not only help us strengthen our position in existing markets, but also to expand our presence in key strategic markets.”
Near has seen traction and growth since the launch of its flagship Software-as-a-Service (SaaS) product, Allspark, that enables end-to-end marketing automation for clients and partners across over 20 countries.
“We are a rare example of a true SaaS business focused on generating long-term customer value and sustainable revenues. We are the only company aggregating this quality and scale of data at a global level. Allspark has scaled its SaaS revenues faster than anything we have historically seen,” Mathews added.
GPC chief executive officer Ketan Patel, commented, "Near provides insights into human behaviour by analysing where people are, and combining that with a multitude of data points to predict and influence behaviour.
“Given it does this across the globe in a privacy protected manner, it is well-positioned to create an exciting new space that delivers value to both people, and those that wish to build relationships with them.”
Near makes it seamless for its users to use their first-party data, and real-world data to deliver superior customer experiences.