ThinkNear Acquired By TeleNav

Los Angeles-based ThinkNear, the developer of hyper-local mobile advertising technology headed by Eli Portnoy, has been acquired by TeleNav, TeleNav said this morning. TeleNav said it would pay $22.5M, consisting of $18.5M in cash plus restricted stock and assumed options for ThinkNear. All of ThinkNear's twelve employees are joining TeleNav's mobile local advertising group. ThinkNear was venture backed by IA Ventures, Google Ventures, Qualcomm Ventures, Metamorphic Ventures, Real Ventures, ff Venture Capital, Zelkova Ventures, BoldStart VC, David Tisch and David Cohen, and had raised around $1.6M in a seed funding last year.