Shu Yi, CEO of Beijing-based mobile advertising solutions provider I-Media, today announced that the company has obtained a second round of investment totaling USD 20 mln, with more relevant details coming out later this month. Shu Yi revealed that an internationally operating VC will act as lead investor, with IDG as a follow-on investor, but declined to provide more information beyond that at this time.
According to Shu, I-Media recorded over RMB 100 mln in revenues in 2011. He disclosed that the company expects to reach revenues of up to RMB 300 mln in 2012, with 70% of that derived from WAP and revenues from mobile applications exceeding RMB 50 mln, as the company focuses more attention on applications, specifically for iOS and Android platforms. Shu Yi also conceded, however, that I-Media's profit margin is still low, currently hovering between 20% and 30%.
In July 2011, I-Media received first-round financing from IDG amounting to USD 10 mln.
Editor's Note: For more background on this topic, please see "I-Media Wins USD 10 Mln Investment," MD 7/05/11 issue.