Online ads startup snags $30 million from Temasek, SAP
SAN FRANCISCO (Reuters) - Marin Software, a startup that publishes applications used to manage online advertising campaigns, has raised $30 million in a new investment round led by Singaporean sovereign wealth fund Temasek Holdings.
Temasek was joined by SAP Ventures, the investment arm of SAP AG, Europe's largest enterprise software firm, as well as previous investors including Benchmark Capital, Crosslink Capital and DAG Ventures.
The San Francisco-based company also announced on Monday that it has added Frank van Veenendaal, a top global sales executive at Salesforce.com, to its board.
The latest moves are meant to help Marin acquire new customers, especially in Asia, where the company looks to focus its expansion, Chris Lien, Marin's chief executive officer, said in an interview.
Temasek will help Marin "with potential customer introductions and local market knowledge," Lien said.
"They've been operating in these emerging markets for years and years."
Marin's products have been adopted by clients like Hotels.com, Macy's and the University of Phoenix. The company is still focused on managing ads across search engines like Google and Yahoo, but Lien said his company is beginning to incorporate into its platform tools to manage campaigns on social media sites like Twitter, Facebook and LinkedIn.
(Reporting by Gerry Shih; Editing by Richard Pullin)
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