Vibenomics, provider of place-based audio experience solutions and the industry’s first audio out-of-home (OOH) programmatic advertising marketplace, announced it has closed $5 million in new funding. The Seed Plus round included current investor High Alpha, with participation from new partners Elevate Ventures and The Ricker Family, previous owners of Ricker’s convenience store chain (acquired by Giant Eagle), an inaugural customer of Vibenomics’ Audio Experience Solution.
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Through its cloud-based technology and managed services, Vibenomics enables location-based businesses and connected cities to create and control their background musical vibe to enhance sales and enrich the customer experience. The company recently launched an audio out-of-home (OOH) advertising marketplace enabling brands to reach a national audience of nearly 150 million consumers or target any combination of 4000 individual locations. Brands as well as Vibenomics ad marketplace locations reported consistently positive results, with one retail chain partner achieving 42% sales lift and $1.9 million incremental revenue for an entertainment category advertiser.
“The new funding will be used primarily to expand the advertising marketplace by increasing the number of participating locations and building out the ad sales team,” says Brent Oakley, founder and CEO of Vibenomics. “We will focus on real-time custom branded and curated content, dynamic music and programmatic advertising across strategic marketing verticals and categories.”
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“The nature of audio has changed dramatically in recent years, but Vibenomics has tapped into a very real desire by national and local brands to reach captive, on-the-go consumers in the places where they shop, work, travel, and play,” says Vibenomics Chairman, Scott McCorkle. “Background audio has proven ability to directly impact purchase decisions and trigger impulse buys in-store. Vibenomics has significant growth potential, and is making impressive progress in both its technology and go-to-market strategy.”
Before the company was renamed Vibenomics in 2017, it raised $280,000 from friends and family and $3 million in Seed funding as Fuzic LLC. As Vibenomics, Inc. it has now raised an additional $5 million in venture and private investment funding as part of this latest Seed Plus round, bringing total investments to $8,280,000. Vibenomics plans to raise Series A institutional funding in 2020.
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