The investment round is led by Korea Investment Partner and K Cube Ventures
Mobile lock screen advertising service Cashtree today announced that it has raised a US$4 million-worth of Series A round led by Korea Investment Partner and K Cube Ventures.
The company plans to use the new round of funding to develop its services and expand its market. It claimed to have secured 4.7 million users and is on its way to fulfill the target of acquiring five million users by end of 2016, according to a DailySocial report.
“We have gotten … more requests from brands and institutions than we expected to have, due to the unique nature of the service which has been proven effective in reaching their targetted consumers. I believe that with supports we recently received from the investors, Cashtree will have the momentum and power to grow into a massive advertising platform,” said Cashtree Founder Dallen Kim.
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Cashtree is a mobile app for Android devices that allows users to get rewards in form of phone credits, by installing ads in the users’ lock screen.
According to Kim, the method provides the most effective channels for brand to target the “B and C” (middle and lower) market level.
Entering the Indonesian market in November 2015, Cashtree is competing with Popslide and Excite Point in the country.
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