Shanghai, China – AdChina, China’s largest online advertising network, announced that it has raised an undisclosed sum in its second round of financing, led by Richmond Management.
Also investing were News Corporation (NYSE: NWS) and GSR Ventures.
Shanghai-based AdChina’s online ad network reaches 300 million, or 85% of all Chinese Internet users.
The company works with over 300 publishers, and has signed brand advertisers including Unilever, Nike, HP and China Telecom.
AdChina will use the funds to grow its staff and invest in several new technology and commercial initiatives planned for 2009-2010.