US-based vehicular advertising service Firefly has attracted $30m in a series A round led by GV, a corporate venturing subsidiary of internet and technology conglomerate Alphabet, Forbes reported yesterday.
The round included venture capital firm NFX. Strong Outdoor, the taxi-based marketing subsidiary of digital signage provider Ballantyne Strong, said it has also invested in Firefly, through a deal that involved the latter acquiring its digital business, indicating the transaction may have been equity-based.
Founded in 2017, Firefly leases digital billboards to taxi drivers that are mounted on top of their vehicles. They display geotargeted advertisements based on factors including the driver’s running route, the demographics and traffic patterns of the local area.
The service is intended to give ride hailing contractors another means of income, and Firefly claims the average driver earns an extra $300 each month after installing one of its screens. Advertisers can access detailed data covering where and when their ads are likely to be most effective.
Firefly mainly operates in Los Angeles and San Francisco, and works with municipal authorities to collect data covering urban metrics such as city mobility, pedestrian movement and air quality through its platform.
NFX led Firefly’s $21.5m seed round in December 2018, investing alongside Stanford-StartX Fund, Pelion Venture Partners, Decent Capital, Industry Ventures, Muse Capital, Chesterfield Investments and assorted angel investors. Its earlier backers include Cross Culture Ventures.
The original version of this article appeared on our sister site, Global University Venturing. Image courtesy of Firefly.