Octopus Interactive, the Maryland-based startup which brings interactive TV and ad experience into Uber and Lyft rides has secured $10.3 million in venture round financing. Sinclair Broadcast Group is leading the round with participation from New York-based VC firm MatchCapital.
Founded in 2018, the firm helps drivers with a back-seat tablet which has inbuilt brilliant, entertaining, and interactive videos with ads of different brands. To make things more interactive, the platform then offers riders to get gifts by winning the games.
The firm is running its operation in four major US cities at the moment. New York, Los Angeles, Chicago, and Washington, D.C are the cities where the company claims to be reaching across 10,000 screens with 3 million people using it. The firm claims that due to the partnership, the Uber and Lyft drivers also get extra tips too as the interactive video platform makes the users give better ratings to the drivers and extra tip too.
Sinclair Executive Chairman David Smith through a statement said, “What we see here is an untapped medium with a truly captive audience that is buckled in and looking to engage. We invested in Octopus because the team has successfully created an innovative and differentiated branding opportunity that we can help scale further.”
As the fresh funds arrive, the international expansion is one thing which the firm will have on its mind but they would first want to cover the entire United States and then enter the uncharted territories. It will be interesting to see if that can achieve that.
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