MUMBAI: Adfonic, one of Europe’s largest mobile advertising company, has raised $7.5 million in funding.

The investment, made by Adfonic‘s existing investors, is expected to fuel the company‘s growth in North America, Europe and Asia-Pacific. Gordon Shields, the leading telecom entrepreneur and investor, is one of the major backers in this round of funding.

The investment will be used towards greater international expansion, further enhancements to the platform capabilities and recruitment across key business functions. Several new offices will be operational across Europe, North America and Asia-Pacific by the end of 2011, the company said.

Adfonic will be making a series of hires across its advertising
operations, product development, engineering and marketing functions. Continued investment in product development will further maximise advertiser and publisher performance.

Worldwide mobile advertising revenue is forecast to reach $3.3 billion in 2011, more than double the $1.6 billion generated in 2010, according to Gartner, Inc. According to the forecast, worldwide revenue will reach $20.6 billion by 2015.

Adfonic CEO Victor Malachard said: "This market is growing at a terrific pace and I‘m delighted with the progress we‘ve made over the last two years. This further round of investment will be used to consolidate our dominant position in the European market and to accelerate the tremendous momentum we have across the globe. We have a clear strategy for growth underpinned by further international expansion, recruitment across core functions and enhancements to our leading-edge platform."