Adfonic Snubs VCs To Raise $7.5 Million From Super Angels

Adfonic, the European-based global mobile advertising marketplace, has raised $7.5 million (£4.7 million) to expand globally. The startup says revenue has grown ten-fold in the last 12 months. The plan is to increase headcount from 40 today to over 100 in 12 months time and open offices across Europe, North America and Asia-Pacific by year end.

It’s an unusual round because its from existing investor Gordon Shields, the successful telecoms and environmental entrepreneur and investor, and a handful of other angels. You might say Super Angels. We understand the company spoke at length to VCs but didn’t go with any. That’s quite a comment on the European VC scene, which we’ve covered at length.