Stanford-StartX Fund-backed Firefly has raised $30m from investors including GV, with the capital earmarked for expansion in regional markets including New York City.
Firefly, a US-based outdoor advertising business backed by Stanford-StartX Fund, the VC vehicle allied with Stanford University, has attracted $30m in a series A round led by GV, a corporate venturing subsidiary of technology conglomerate Alphabet, Forbes reported yesterday.
The round featured venture firm NFX. A separate press release confirmed outdoor marketing company Strong Outdoor – a division of screen projector technology firm Ballantyne Strong – had also invested in Firefly, though it was unclear whether this formed part of the series A round.
Founded in 2017, Firefly leases digital billboards to taxi drivers that display geotargeted advertisements based on factors including the driver’s running route as well as the demographics and traffic patterns of the local area.
The service is intended to give rideshare contractors another means of income, with Firefly claiming the average driver earns an extra $300 each month after installing one of its screens.
Firefly, which mainly operates in Los Angeles and San Francisco, works with municipal authorities to collect data through its platform around urban metrics such as city mobility, pedestrian movement and air quality.
The capital will support its expansion through measures including a digital-led tie-up with Strong Outdoor that will enable it to enter the market in New York City.
NFX led Firefly’s $21.5m seed round in December 2018, investing alongside Stanford-StartX Fund, Pelion Venture Partners, Decent Capital, Industry Ventures, Muse Capital, Chesterfield Investments and assorted angel investors.
Cross Culture Ventures and a host of other angel investors are also among Firefly’s earlier backers.
