Skyflying Media has concluded an $83 million (€56 million) financing round. The transaction is being billed as the largest ever private equity financing in China’s outdoor advertising sector and further cements the fact that Asian venture deals may not resemble traditional seed-stage investments in Western markets.
The round included investments from Goldman Sachs, New Horizon Capital, Farallon Capital and Sequoia China, all of whom were characterised in a statement as “Series A” investors in this “strategic equity” round.
Jonathan Zhang, Skyflying’s chief financial officer, said the caliber of its backers give credence to the company’s strategy and growth potential.
“Our goal in the next phase is to accelerate the access and integration of high-end outdoor media resources, and to converge with international capital market as soon as possible, thus realizing the long-term development strategy of the company with a solid capital base,” he said in a statement.
Skyflying was founded in 2006 and is China’s largest outdoor advertising company with an established presence in transport and railway hubs in cities including Beijing, Guangzhou and Shenzhen.
New Horizon’s chief, Jianming Yu, will join Skyflying’s board, as will representative(s) of Goldman Sachs and the former CEO of Viacom Outdoor,Tom Goddard.
Citigroup Global Markets was the financial advisor for the transaction.