Vibenomics, a provider of place-based audio experience solutions that claims to be the first audio out-of-home (OOH) programmatic advertising marketplace, 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.
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.”
“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 High Alpha Partner and 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.
High Alpha is a leading venture studio focused on building next-generation enterprise cloud companies through a new model for entrepreneurship that unites company building and venture capital. The High Alpha team partners with entrepreneurs, investors and large corporations to conceive, launch and scale new software companies.
Vibenomics, Inc. is a technology company that enables location-based businesses and connected cities to create and control their background musical vibe to enhance sales and enrich the customer experience. Through curated playlists and professionally voiced promotional announcements, the company provides the right revenue-enhancing vibe for over 4000 locations in 45 states, and gives over 100 brands the ability to speak directly to nearly 150 million consumers right at the point-of-sale through its Audio Out-of-Home Advertising Marketplace.
Fully managed online, Vibenomics is easy to use for businesses or connected cities with a single location, yet powerful enough for larger, multi-site organizations. Clients work with Vibenomics Audio Experience Managers who control music, messaging, and advertising to customize the vibe in each location. Professional voice talent produces location-based messages that can be ready for play within hours of client requests.
Founded in 2016 in Indianapolis as Fuzic, the company rebranded to Vibenomics in 2017. Vibenomics was a finalist for “scale-up of the year” in the 2018 Mira Awards, the biggest tech awards program in Indiana.