ThinkNear Gets $1.6M For Location-based, Mobile Ads

Culver City-based ThinkNear, a new startup focused on helping local merchants reach consumers with mobile, location-based ads, said today that it has raised $1.6M in a seed funding round. The round was led by IA Ventures, and also included Google Ventures, Qualcomm Ventures, Metamorphic Ventures, Real Ventures, ff Venture Capital, Zelkova Ventures, BoldStart VC, as well as angels David Tisch and David Cohen. Think Near's automated system displays discounts on mobile phones to help local businesses attract users; the firm said it is currently running in New York City for restaurants, spas, and hair salons.