California based advertising company Firefly which allows the taxi drivers to earn money by putting an advertisement on the taxi has snared a fresh round of funding worth $30 million as part of Series A financing. GV (formerly Google Ventures) led the round with NFX playing its part in the funding. Notably, the company announced acquiring digital operations of advertising company Strong Outdoor with the aim of expanding its operations in New York City.
Prior to this round, Firefly had bagged funds from NFX where it got $21.5 million seed financing. Others who have invested in the firm include the names like Cross Culture Ventures, Toby Sun, Brado Bao, Jeffery Housenbold, Vela Partners, Decent Capital, Muse Capital, and Pelion Venture Partners.
Firefly was launched in 2017 by Kann Gunay and Onur Kardeşler. The company has unique location-based, “situationally aware” software which allows the firm to offer audience-based targeting of any away from home medium on any screen type.
Kaan Gunay talking about how people reacted when the platform was launched said, "A lot of people thought we were crazy. But now having the validation from [GV] and being able to use Google resources where we can serve content more specific and can get better data analytics back to the advertisers, I think we are becoming a new advertising format."
GV's Adam Ghobarah commenting on the capital infusion in the firm through a statement said, “Firefly is creating a significant new ad format at scale. In addition to taxis, the scale of rideshare networks has created a large opportunity to provide digital out of home advertising with granular city-block and time targeting.”
As the fresh capital arrives, it will be interesting to see how the firm utilizes the same in their expansions and offerings.
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