Advision Raise $30M Funding in China
1 Apr 2008
Advision Media Holdings, the Chinese outdoor digital signage company, has successfully concluded a US$30M financing agreement with SAIF Partners.
Advision is the first company to introduce the concept of a large format outdoor digital media network in China. It aims by the end of 2008 to have around 35 LED advertisement screens in over 20 large cities across China - in positions varying from the Central Business District, Airports, Shopping Districts & ExpressWays
For SAIF Partners this is their first move into digital media, but fits with their overall strategy of favoring high-growth industries with simple and clear commercial goals.
AKA COMMENT
With Focus Media, Target and Airmedia all doing well on NASDAQ - the venture funds are looking for the next big digital media play. Advision have a good base and some great locations in Shanghai, Beijing and Shenzen. Giant LEDs are not cheap - and if it is to really scale its network across China, then the scale of funding required is going to very significant.
Fortunately SAIF are one of the largest VC working in Asia - and have over $2B under management.