In an exclusive interview with TechCrunch, the company behind the Odu marketing program, Odu Labs, announced a new investment of $500 million in a $1 billion funding round, valued at more than $1.3 billion.
The Odu project has become the brainchild of Odu founder Andrés Duque, who says the program is focused on creating “a truly disruptive digital advertising industry.”
The Odesy company is a subsidiary of the e-commerce giant Alibaba, which has invested in dozens of ad platforms across a wide range of industries.
The investment will allow Odesey to expand the ad platform with new products, Duque told TechCrunch.
The new investment will fund a new team of 10 full-time employees, as well as the acquisition of additional Odesys products, including its Odesya e-store, Odesyo, and Odesytools, which Duque said are “the largest e-shop catalogs in the world.”
The team will also build and sell its own marketing software and services.
The team will be led by Duque and his team, which includes former employees of Odesity.
Duque says that the company is “working hard” to ensure OdesY will have a “professional” team.
Odesy Labs is a part of Alibaba’s Alibaba Group, a Chinese e-retail giant that is currently valued at $13.3 trillion.
The acquisition was announced on Friday in the company’s IPO filing.
Alibaba said that Odesyd has raised $1 million in capital from an undisclosed source.