The investment round was 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 in Series A round of funding, led by Korea Investment Partner and K Cube Ventures.
The company plans to use the investment to develop its services and expand market. It claims to have acquired 4.7 million users already and is on its way to achieve the 5 million target by the end of 2016, according to a DailySocial report.
“We have gotten more requests from brands and institutions than we expected due to the unique nature of our service, which has been proven effective to reach their target audience. I believe that with the support of our investors, Cashtree will have the momentum and power to grow into a massive advertising platform,” said Founder Dallen Kim.
Cashtree is an Android app that allows users to get rewards in form of phone credits by installing ads on the lock screen of their handset. According to Kim, this is the most effective channel for brands to target the middle- and lower-class consumers.
Cashtree, which forayed into Indonesia in November 2015, is competing with Popslide and Excite Point in the country.
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