Mobile engagement platform, Leanplum, has announced additional funding from Waterwood Group, the Beijing-based private equity firm, bringing its total to $52 million. Leanplum plans to use the funds to accelerate growth in China and the wider APAC region.
The company which provides multi-channel mobile campaign management and tools for brands, has been gaining momentum in APAC.
According to Waikit Lau, a partner at Waterwood Group, Chinese clients are now looking for excellent mobile experience. However, many Chinese companies are not delivering marketing technologies that are sophisticated enough.
“We were especially impressed with Leanplum’s A/B testing and data analytics capabilities because it quickly delivers value to brands in a highly competitive market. In order to meet the exponential growth in mobile usage, Chinese brands are hungry for the real-time insights and personalization at scale that only Leanplum provides. We look forward to working together to build the future of the Chinese market,” he added.
The investment also signals the ongoing development of the APAC mobile advertising market. According to GSMA, over half of mobile subscribers worldwide reside in Asia Pacific. China alone accounts for 21% or 155 million of the total 753 million mobile subscribers that are expected to be added globally by 2020.
“APAC is at the forefront of mobile adoption, and the potential for Leanplum to help brands across the region reach such a highly-engaged mobile generation who are on their phones 24/7, is truly exciting,” explained Momchil Kyurkchiev, CEO and co-founder, Leanplum. “We’re thrilled to partner with Waterwood because they share our vision for transforming mobile engagement for the modern marketer.”
As part of its plans to nurture growth, Leanplum plans to make some strategic hires in China, Indonesia, Japan and Australia. The company recently added Julio Bermúdez, formerly of Optimizely, to support lead sales and operations in Singapore.