Image via CrunchBase
ThinkNear was just bought by Telenav for $22.5 million, making it the biggest success story in the six-year history of TechStars. Co-founders Eli Portnoy and John Hinnegan started the accelerator program in 2011. Their idea evolved into a mobile, location-based ad network. Working with advertisers, the startup devised a method of timing ads to customers who were within 100 meters of a store. When the ads were clicked, directions to the location were displayed. The acquisition also represents IA Ventures’ first exit.
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