Vibenomics Closes $6.5 Million Funding
Vibenomics, a location-based Audio Out-of-Home (AOOH) advertising and experience company, 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.
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“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.
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“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.