Vibenomics Raises More Cash, Adds Kwik Trip as Client
Vibenomics, a location-based Audio Out-of-Home advertising and experience company, has raised $6 million in Series A funding to further its momentum in the advertising market.
BIP Capital led the funding round and brings Vibenomic’s total company funding to $13.5 million. The funds largely will support the expansion of convenience stores and grocery retailers in the Vibenomics Audio Out-of-Home (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 ad revenue.
The company enables brands to talk to shoppers directly at the POS inside thousands of retail locations through Audio OOH advertising, impacting immediate purchase decisions.
Kwik Trip Adds Vibenomics
In addition to the funding, Vibenomics recently welcomed several key brands to its customer base, including convenience store chain Kwik Trip. Additional national retailers will be announced later this quarter.
When Vibenomics approached the Kwik Trip team, Mark Meisner, the chain’s director of marketing and advertising, said the technology and revenue model was something he’d never seen in the space before.
“We typically see 8 million or more transactions a week in our stores and, with that amount of ears and eyes, we have a unique opportunity to impact buying choices,” Meisner said. “When I first took a deep dive into the Vibenomics model, I saw the potential to offset costs to the stores for in-store music and potentially generate ad revenue. The model itself made sense to me and the technology was clean as far as installation and logistics. Vibenomics has been a great partner in accommodating our business needs.”
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.
Vibenomics has added over 100 brand advertisers in more than 4,000 locations across 48 states, reaching over 150 million people. The company provides a vehicle for retailers to monetize their private, physical-location airwaves to transform a legacy expense into a new profit center.
“Our team is pioneering programmatic Audio OOH media and has emerged as a resounding success story of how a traditional ad medium committing to digital transformation can achieve significant growth in both revenue and share of ad spend,” Vibenomics co-founder and CEO Brent Oakley said. “We will use this Series A investment to accelerate product development and scale go-to-market execution, building on the momentum we’ve already seen in only a short period of time.”
Vibenomics is a fresh new way to reach shoppers at the point of making purchase decisions, said Paul Iaffaldano, chief investment officer at BIP Capital.
“It has an amazing effect on both impulse items and brand preference within competitive categories,” Iaffaldano said.