Singapore-based mobile advertising platform Novosol has closed its Series B round at $10 million. The company said it raised funding from prominent family offices in Singapore and the United Kingdom, according to a company statement.
Novosol plans to use the new capital to fund expansion plans in key markets across the Middle East and South Asia, which include Vietnam, Thailand, and others.
The investment will also be used to advance Novosol’s flagship product, moLotus, which allows brands to interact with their customers via media video messages. These messages can be personalised, automated and digitalised to drive marketing and revenue for companies.
moLotus’ clientele includes Amazon, Suzuki, DBS, L’Oreal, HSBC, Dell, Panasonic, Prudential, and Samsung. The platform has also partnered with major telecom operators such as Indosat Ooredoo Hutchinson, Vodafone, Celcom, Airtel, Maxis and Digi.
The company had raised $7 million in a Series A funding round in 2019. Novosol is headquartered in Singapore, with operations in Malaysia, India and Indonesia.
Novosol was founded by Minhaz Lokhandwala in 2008.