- Out of Home (OOH) advertising software company AdQuick.com announced it raised $6 million in Series A funding
Out of Home (OOH) advertising software company AdQuick.com announced it raised $6 million in Series A funding. Including this funding round, the company has raised a total of $9.4 million. This round of funding was led by existing investor Initialized Capital with participation from WndrCo, Shrug Capital, The Todd & Rahul Angel Fund and Michael Kassan’s MediaLink.
And this investment will be used for fueling AdQuick.com’s plans to aggressively increase sales, marketing teams, and engineering to continue developing advanced analytics, its programmatic capabilities and build out its technology stack for its OOH software.
“We’ve already reduced the OOH purchasing cycle by 90% and there is huge room for growth in the OOH industry,” said AdQuick.com CEO and co-founder Matt O’Connor. “In 2019, 30-35% of OOH inventory was left unsold in the U.S. – not from a lack of demand, but a lack of analytics and a software bridge between suppliers and buyers meaning that the price of OOH campaigns was often based on guesswork. We’re creating efficiencies in OOH through technology solutions, and bringing in a new generation of data-driven marketers into OOH for the first time, while creating more effective national campaigns for brands across Retail, B2B, cannabis and DTC. This funding allows us to ramp up our team to meet the demand we are seeing, and continue our mission of building the plumbing and operating system for OOH. We want to create a tighter knit ecosystem so that anyone can easily launch an OOH campaign, with the analytics to boot to grow the entire industry.”
According to an August 2018 industry report from the Out of Home Advertising Association of America (OAAA), OOH is experiencing its greatest growth period in more than a decade. And OOH revenue grew 7.7% to nearly $2.7 billion for the second quarter of 2019 compared to the same period in 2018, which marks the sector’s highest quarterly growth since 2007.
And for the first half of the year, revenue was up 7%. The growth prospects are also reinforced by research from Magna — which noted that OOH will continue to outperform traditional media: +5% spurred on by Digital OOH (DOOH) which will expand by +17%.
“People can no longer sleep on out of home now that people realize the ROI is competitive (or better) than many overtaxed digital marketing channels. Adquick.com has finally brought the marketplace online,” explained Alexis Ohanian Sr., co-founder and Managing Partner at Initialized Capital. “They’ve done it — the strategy and buying-power of an agency with the efficiency of a tech company.”
OOH campaign planning has been known for an extremely cumbersome process that lacked transparency and the data to make informed decisions. And OOH campaigns were locked into the supply that an agency or planner could reach rather than the full breath of OOH inventory available. Plus AdQuick.com has brought online tools and analytics to offline advertising thus making OOH advertising easy, streamlined, transparent, analytical and trackable through a single software for the entire booking process, powered by advanced machine learning.
“Prior to being introduced to AdQuick.com, I had tried to launch an OOH campaign going through the traditional process. I quickly found out how decentralized and disconnected the industry was. The demographic information and analytics provided by AdQuick.com validated what we were seeing and executing a campaign was light speed compared to before. They made strategic choices and helped us identify the best inventory based on the highest concentration of users based on healthcare plans, which was crucial for us. As a fast growing company, OOH was top of the metrics charts for us. We are targeting millions of potential customers and other mediums don’t offer the ROI OOH does,” added Shobin Uralil, Co-founder and COO of Lively and AdQuick.com customer.