Social media advertising vendor Nanigans Inc. has raised $24 million in a Series B funding round led by Chinese software company Cheetah Mobile. Current investor Avalon Ventures and new investor Wellington Management Company LLP also participated.
The funding round comes amid the company’s transition from a vendor that charges a commission on marketers’ ad buys into a self-service-based software-as-a-service business.
“Automating digital advertising allows marketing teams to bring this critical function in-house, resulting in both significant performance gains and cost savings,” says Ric Calvillo, Nanigans co-founder and CEO.
Nanigans plans to use the funding to expand internationally. While the vendor has offices in New York, San Francisco, London, Singapore and Sydney, it plans to make a major push into the Asian market, in part, via a partnership with Cheetah Mobile in which the Chinese software company will work with Nanigans to develop tools tailored to the Chinese market.
The company says it manages more than $500 million in annualized ad spending. 23 retailers in the Internet Retailer 2014 Top 500 Guide report they use Nanigans’ software.