In brief: Singaporean mobile ads platform banks $7m

• Singapore-based mobile advertising company Novosol has raised US$7 million in series A funding. The infusion came from the company’s founder, Minhaz Lokhandwala, and a family office in the city-state.
• Founded in 2008, the company created a platform called moLotus, which enables enterprises to send personalized rich media messages directly to their customers’ mobile inbox.
• It counts companies like L’Oreal, HSBC, Samsung, and Panasonic as clients.
• The firm – which also operates in Malaysia, Indonesia, and India – plans to use the funds to enter more markets in a bid to capture a slice of the US$300 billion direct marketing industry.

Source: Press release