Nanigans Closes $24M Funding Round

Nanigans, a Facebook Marketing Partner, announced Wednesday morning that it closed a $24 million series-B financing round.

The provider of social and mobile advertising software and ad-automation software said the funding round was led by Cheetah Mobile, with participation by existing investor Avalon Ventures and newcomer Wellington Management.

Nanigans, which is also a Facebook Exchange partner, said the funds will go toward expanding its social and mobile publisher channels and expanding international growth, and co-founder and CEO Ric Calvillo added in a release announcing the funding:

We’ve spent five years developing our advertising-automation software, and for good reason. Automating digital advertising allows marketing teams to bring this critical function in-house, resulting in both significant performance gains and cost savings. Nanigans’ software enables customers to manage, measure and optimize their online advertising across multiple channels. Our customers run over $500 million in annualized ad spend using our software, confirming our leadership position.

Our customers — and now our new investors — recognize our software for the breakthrough that it is, and together we are changing how digital advertising is done.

Cheetah Mobile CEO Sheng Fu added:

Nanigans’ advertising-automation software is a natural next investment for Cheetah Mobile as we aggressively build up our advertising platform capabilities. Nanigans plays an important role in the social and mobile advertising ecosystem, as evidenced by its strong customer base, and this funding will help the company quickly expand to even more channels. We’re looking forward to working closely together to help create the world’s best tools for advertisers and publishers.

And Avalon Ventures partner Rich Levandov said:

Nanigans has remained at the forefront of innovation in ad technology since we originally invested, helping companies generate real revenues and results from social and mobile. With notable momentum in the market already, we’re excited to see their great team and company grow faster with this new round of funding.