Vibenomics, a location-based audio out-of-home (OOH) advertising and experience company, has raised $6.5 million in Series A2 funding to support the launch of additional national networks in convenience stores and grocery retailers.
BIP Capital, who led Vibenomics’ Series A funding earlier this year, is a follow-on investor for this round along with Indianapolis-based 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 POS inside thousands of retail locations through audio OOH advertising, with the potential to impact immediate purchase decisions.
Vibenomics also teamed up with Kroger to improve the customer buying experience in more than 2,300 of the grocer’s stores. In September, they expanded programmatic offerings with the launch of Open Exchange and Private Marketplace deals via Vistar Media, a global provider of software for digital-out-of-home.
“This funding is a testament to the continued belief of our investors in the future of Vibenomics and what we’re building,” Vibenomics CEO Brent Oakley said in a media release. “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.”
After Vibenomics was first founded in 2016, the company expanded its cloud-based technology. With its 44 employees, Vibenomics currently reaches 200 million unique shoppers nationwide with a projection to be in more than 10,000 convenience and grocery retail outlets by 2021.
“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.”