Funds will support programmatic audio advertising expansion, tripling locations in next 18 months
Fueled by rising momentum in programmatic technology, national premier retail audio advertising provider Vibenomics has raised $12.3 million in Series B funding to support the launch of additional national networks in grocery stores, pharmacies, and convenience stores. The round is led by Panoramic Ventures, one of the largest and most active tech venture funds in the Southeast.
Vibenomics established itself as a formidable player in the Audio-Out-of-Home (AOOH) market after partnering with Kroger in May 2020. Last year, the company experienced its most significant growth, launching its first proprietary media player to deliver music, messaging and programmatic advertisements to each of its network partners’ individual locations. By mid-2021, Vibenomics introduced multiple Demand Side Platforms (DSPs) to become the first — and only — programmatic digital AOOH solution for advertisers.
“This funding validates our investors’ belief in the future of Vibenomics and what we’re building,” said Brent Oakley, CEO of Vibenomics. “AOOH’s value, impact and ability to scale allows retailers to provide a positive, in-store customer experience. We’re anticipating another record-breaking year in 2022 and these funds will enable us to continue innovating and accelerating product developments, building on our momentum.”
Vibenomics continues to expand its national footprint in programmatic retail advertising. Earlier this year, the company partnered with Hy-Vee, adding an additional 400 locations across the Midwest. In the coming months, Vibenomics has a line of sight to expand to over 20,000 locations by the end of 2023.
“Vibenomics directs the majority of its efforts toward consumer packaged goods (CPGs), a massive and highly competitive advertising sector eager to invest in innovative marketing strategies, particularly within retail locations,” said Paul Iaffaldano, general partner for Panoramic Ventures. “We believe that Vibenomics’s innovative approach to in-store audio advertisements in that industry gives us significant leverage to capitalize on a growing market.”
Vibenomics has nearly 40 employees, about 90% of whom live in the Indianapolis area and 10% work remotely. The company expects to increase its workforce by 25%, specifically in its sales and marketing departments, by the end of 2022.