This week our newest portfolio company, Vibenomics announced their Series A funding of $6 million to accelerate their growth in the Audio Out-of-Home™ Advertising market, providing a fresh way to reach shoppers at the point of making purchase decisions. The round was led by our firm and brings total company funding to $13.5 million. The funds will accelerate product development, scale go-to-market execution and support the expansion of convenience stores and grocery retailers in the Vibenomics Audio OOH™ Advertising Marketplace.
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.
According to a recent study by MAGNA, listeners are 35% more receptive and open to audio ads than viewers. Built for both location-based businesses and advertisers, Vibenomics has reached incredible scale at a rapid pace. The company has added over 100 brand advertisers in more than 4,000 locations across 48 states — reaching over 150 million people — and provides a vehicle for retailers to monetize their private, physical-location airwaves to transform a legacy expense into a new profit center.
Paul Iaffaldano, chief investment officer at BIP Capital shared: “Vibenomics is a fresh new way to reach shoppers at the point of making purchase decisions. It has an amazing effect on both impulse items and brand preference within competitive categories.”
In addition to the funding, Vibenomics recently welcomed several key brands to its customer base, including convenience store chain Kwik Trip, and additional national retailers being announced in Q2.
Read more in the Vibenomics press release: https://www.vibenomics.com/series-a-funding/