Wednesday, 17 July 2019 11:03

Telstra-backed Near raises $143 million to support business expansion Featured

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Telstra-backed Near raises $143 million to support business expansion Image Stuart Miles, FreeDigitalPhotos.net

Telstra-backed location intelligence platform Near has raised $143 million in a series D funding round, with the funds to be used for further expansion and to support the rollout of new platform offerings.

The Telstra Ventures and Sequoia Capital backed data company has secured its latest capital injection from private equity firm, Greater Pacific Capital.

Near counts News Corp Australia, MCN and Telstra as key customers and claims the “largest data-set of people’s behaviour in the real-world, with over 1.6 billion users worldwide”.

"We are humbled that we were able to close one of the largest rounds in our industry. It is a testament to our offering backed by unique data-sets and powerful science,” said Anil Mathews, founder & chief executive, Near.

“With the new funds, we will be investing heavily in data and engineering to launch a suite of new products, that’ll help strengthen our position in existing markets such as Australia and the US, and open up key strategic markets.”

According to Mathews, Near had seen unprecedented traction and growth since the launch of its flagship SaaS product, Allspark, “the first of its kind in the industry”.

He said Allspark enabled end-to-end marketing automation for clients and partners across more than 20 countries.

“We are the only company aggregating this quality and scale of data at a global level, and are the number one source of intelligence on human mobility in Asia-Pacific,” Mathews said.

“No other player has invested as much into the Australian market as we have over the past five years, so we have a lot of legacy data here, making our data science models work more effectively.

“Australia is one of our core markets and we’ll be investing heavily in expanding our partnerships here.”

“Our strategic partnership with Near has helped us take News Connect to new levels,” said Suzie Cardwell, general manager of Data Commercialisation, News Corp Australia.

“We’ve been able to unlock greater potential in our data by enriching it with the real-world data from the Near platform, helping us uncover new audience characteristics.

“This has helped us enhance our capability to deliver 1,900 customer segments to our clients. It is a true game-changer for Australian marketers.“

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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