Vibenomics Closes $6.5M in Funding to Fuel the Launch of Additional National Networks
Funds support continued innovation and expansion for Audio Out-of-Home™ Solution
INDIANAPOLIS–(BUSINESS WIRE)–October 28, 2020–
Vibenomics, a location-based Audio Out-of-Home™ (AOOH) advertising and experience company, today announced $6.5 million in Series A2 funding to support the launch of additional national networks in convenience stores and grocery retailers fueled by the rising momentum in programmatic technology. BIP Capital, who led Vibenomics’ Series A funding earlier this year, is a follow-on investor for this round along with local Indianapolis company, Elevate Ventures, which includes a combination of $4.5 million in equity funding and $2 million in venture debt.
By combining licensed, background-music playlists and commercial spots paid for by brand advertisers, Vibenomics helps businesses with physical locations enhance store sales, enrich the customer experience and receive a share of advertisement revenue. The company enables brands to talk to shoppers directly at the point-of-sale inside thousands of retail locations through Audio OOH advertising, impacting immediate purchase decisions.
“This funding is a testament to the continued belief of our investors in the future of Vibenomics and what we’re building,” said Brent Oakley, Vibenomics CEO. “Our team continues to be the leader in programmatic Audio OOH media and, with these funds, we plan to accelerate product development and go-to-market execution, building on the momentum we’ve already established.”
The adoption of programmatic AOOH has grown dramatically over the past year. According to a report from the Interactive Advertising Bureau (IAB), U.S ad and audio spendings increased by thirty percent in the first half of 2019 to $1.2 billion. With so many advertisers eager to influence consumer choices at the point-of-purchase, Vibenomics plans to accelerate the scale of the Audio OOH network using their proprietary technology, helping marketers and retailers improve the shopping experience and allow brand partners to reach customers at a pivotal point in the buying process.
“Vibenomics provides brands a new way to reach consumers at the moment they are making purchase decisions in retail stores,” said Paul Iaffaldano, chief investment officer at BIP Capital. “The programmatic integration makes it incredibly easy for brands and agencies to take advantage of an unprecedented level of consumer data, and schedule flexibility.”
When Vibenomics was first founded in 2016, the company quickly expanded its cloud-based technology and revolutionized how to reach consumers directly at the point-of-sale. With its 44 employees, Vibenomics currently reaches 200 million unique shoppers nationwide with a projection to be in over ten thousand or more convenience and grocery retail outlets by 2021.
Vibenomics recently partnered with the leading global provider of software for digital-out-of-home (DOOH), Vistar Media and presented at the 2020 IAB NewFronts digital event, where the Vibenomics Advertising Market was introduced to some of the world’s largest brands. Vibenomics also teamed up with Kroger, the No.1 pure-play grocery retailer, to improve the customer buying experience in 2,300+ Kroger stores. In September, they expanded programmatic offerings with the launch of Open Exchange and Private Marketplace (PMP) deals via Vistar Media.
To learn more about Vibenomics, visit https://www.vibenomics.com.
Vibenomics, Inc. is a location-based audio out-of-home advertising and experience company that powers custom radio stations for retailers, giving brands the ability to talk to shoppers directly at the point of sale. With its powerful cloud-based technology, licensed background music library, data integration capabilities, full-service team of audio experience experts, and network of professional voice talent available on-demand, the company provides the right revenue-enhancing vibe for over 120 advertisers in more than 6,000 locations across 49 states, reaching over 200 million people.
Delivered through flexible plug-and-play mobile tablet devices, Vibenomics dynamically broadcasts hyper-targeted, in-stream audio advertisements and curated playlists within any combination of locations across its swiftly growing national footprint, unlocking a powerful new shopper marketing channel for reaching consumers during the critical final footsteps along the path to purchase. Through a first-of-its kind partner program, retailers can receive a portion of revenue for all advertisements sold by Vibenomics that play within their locations, giving them the ability to monetize their private airwaves and transform a legacy expense into a new profit center.
About BIP Capital:
BIP Capital is recognized as one of the most active venture investors in the Southeast, serving entrepreneurs, investors, and operators to grow the emerging company ecosystem. It applies experience and process to make investment decisions and operational recommendations, allowing its portfolio companies to achieve and stay on a glide path of growth. Areas of focus include Enterprise SaaS, Healthcare IT, Digital Media, Dev Tools, and MarTech.
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