a Singapore advertising start-up PocketMath lotte (ex) $10 million investment. Before this, the company’s entrepreneurial teams only run for four years by our own strength and won eight digit income, develop a team of 40 people, let’s take a look at the three founders of the hard way.
earlier this week, A Singapore mobile advertising platform buffet PocketMath announced obtained from lotte vc (ex Ventures) of $10 million in A round of investment, the investment is said to be Singapore’s domestic one of the largest series A investment amount. This investment is lotte launched earlier this year of $100 million venture fund part of the project, the focus of this project in the United States, Israel and the asia-pacific region.
vc firms led by herself for A round of investment is unusual, and perhaps PocketMath claim to every day to deal with more than 20 billion mobile advertising has something to do.
“we PocketMath for the whole round of investment, because that’s a great team, and they have developed technology comes in completely different with other company.” Managing partner of lotte Saemin Ahn says he will join PocketMath board, admitted that he is an advertising technology geek, know to the industry.
according to Ahn, in the near future PocketMath in lotte to expand the market play a very important role in the process, the investment will be in the race for the mobile advertising bring huge benefits to the lotte.
official said in a statement, in addition to establishing deep strategic partnership with lotte, the investment will be used to hire talent and to speed up product development.
even more interesting is, this is the first round of the start-up of external financing. Since set up four years ago, the company team has won eight digit on its own income, 40 employees scattered in five cities, Singapore, Sydney, San Francisco, mumbai and Washington, dc, but most still remain in Singapore.
PocketMath marketing manager Vasudha Srinivasan said they intend to market now extended to Shanghai, New York and Tokyo.
to find the best mode
PocketMath not doing mobile advertising services, can be seen from a statement, the team is in “a series of experiments about other ideas (face recognition is one attempt to advertising service)” before he chose advertising, PocketMath is their eighth business together.
about changed in 2011 after five service content, Grooms at a party by chance that the concept of real-time bidding (RTB) :
“I was in San Francisco, a party, someone told me: ‘you do sounds like real-time bidding, but it is not. ‘I don’t know what is real-time bidding, so go home to do some research, the next day the man sent me email, says something about the real-time bidding specification. We have adopted the method of real-time bidding, in three hours to do a simple shape.”
a desktop prototype, he started on the activities to promote the idea, but find what they want is mobile version of, “I can’t with money and business, can not so I said no problem, I get a mobile version for you.”
co-founder Casey told us Grooms PocketMath team since then started down-to-earth development of the mobile version.
we are a company, there is no promotion or market, but we had become a team of 40 people, in addition to myself and the other co-founder without hiring sales personnel, over the past four years the two of us is responsible for all sales, business development, and looking for partners, and the core staff.
four years of work
it four years for his personal or to the whole team had an easy. Grooms said he was four years have been busy extended contacts, to participate in all social activities and parties, made the best. In order to be able to run smoothly, founder of the entire team – JD Lee, Eric Tucker and he has made a great sacrifice.
“with the emergence of more and more multifunctional and requirements, we have employed more staff to meet customer needs and expectations.” Grooms explained that, of course, this need to spend more money, to start with the money is provided by the JD Lee.
“JD Lee provides a start and let things go on we need all of the money. Then spend less money, our income has grown quickly, he will need to provide funding was reduced.”
and Grooms in the four years did not took the wages. “The first year was 2011, and I will work with four years before a small amount of retirement funds to save life, about $20000. In the second year of my credit card, all CARDS are maxed out, then deliver the cash credit line. In 2013 and the first half of 2014, we have to thank my parents to help the team, and each month for the money we need. At that time I had a frugal, this also leads to when we develop product development business to unnecessary cost control is very strict.”
when he was thinking: “I just try to live, as long as I live, we can continue, I can continue to sell products.”
necessary self boot
not surprisingly, Grooms admits the start process is not easy, not only for them, and their parents.
“inevitably, we must be flexible to cope. Restricted by resources, we must make some sacrifices. Each product by a team of about five engineers research and development, including Eric. We could find one or two people to fill… We walked a shortcut graph save trouble, the result being attacked by hackers. Our parents are so scared, but we still go on.”
not they deliberately to guide itself and Grooms said, in the early stage, no one is willing to give them money.
“if it weren’t for us in Singapore, because it would be ‘we don’t have sales strategy’ or ‘we are still in the early stage or this or that kind of reason, so we can only rely on our own. We believe that our product is someone need, valuable, although a little blind, but how much we believe they will be useful.”
now have plenty of money, before busy again, the team finally able to breathe easier.
PocketMath now the task is to “let everyone know that as long as there is the appropriate way of advertising can be very simple”. “We hope that you can use the big brands of our products, also hope that everyone can use our products. People don’t want to know the terms, they just want to see the results.” As CEO Lee said.
“when you press a few keys they can see their advertising on mobile phones, their eyes lit up.” Grooms said.