Nokia funds Chinese mobile ad network Madhouse
Shanghai-based mobile advertiser Madhouse has received an undiscosed amount of funding from Nokia Growth Partners. Incidentally, China is Nokia’s largest market, with high demand for lower-cost handheld phones.
Executives at the investor attributed their decision to the low cost of product development in China. Madhouse has seen a rapid rate of growth this year. And earlier this month, it struck a deal with GroupM China to be the agency’s preferred mobile marketing partner. GroupM is a big name in advertising all over the world, and carries with it a good measure of clout. Madhouse will provide marketing options to GroupM clients through its subsidiaries Mindshare, MediaCom, Mediaedge:cia and MAXUS.
Madhouse’s ad network currently covers about 75 percent of China’s mobile traffic. This is a big boon for both Nokia and GroupM, considering how huge China’s expanding base of cell-phone users is and will become.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.