Update: July 27: The new funding round is $18.5 million, according to an SEC filing.
Shanghai-based online ad network AdChina has closed its second round of funding, led by Richmond Management, along with co-investors GSR Ventures (formerly Mayfield China) and News Corporation (NYSE: NWS). The amount was undisclosed, but likely to be high judging by some previous Chinese online investments. The company, which says is the largest ad network in China, closed a $10 million round back in 2007, led by Mayfield China. More in the release. The company, founded in 2007, says this money will be used “to grow its staff and invest in several new technology and commercial initiatives planned for 2009-10.”
This is News Corp’s first venture investment in China since it invested in MySpace China two years ago. And in fact, Wendi Murdoch, Rupert’s wife and an investor/executive in MySpace China, led the AdChina investment News Corp’s behalf.