AdverCar Raises $2M From Canaan, Branford, TiE Angels, Others

AdverCar said it raised $2 million in a seed round led by Canaan Partners and joined by 1-800-Flowers, Branford Castle Private Equity, New Orleans Startup Fund, TiE Angels Boston and Jit Saxena. AdverCar is developing an auto advertising service.

PRESS RELEASE

adverCar™ Secures $2M in Seed Funding Led by Canaan Partners

Drivers Earn Extra Cash; Advertisers Benefit from Proven Effective Social-Mobile Impressions

[October 31, 2012 – San Francisco, CA] – adverCar, a new kind of out-of-home (OOH) media company connecting advertisers with drivers, today announced it has raised an initial seed round of $2M, led by Canaan Partners. Additional investors include 1-800-Flowers, Branford Castle Private Equity, New Orleans Startup Fund, and TiE Angels Boston, including well-known entrepreneur Jit Saxena. Working directly with drivers and advertisers, adverCar provides innovative, targeted and measurable auto advertising – proven to drive behavior.

“OOH advertising is a $6.4B market and growing,” commented Deepak Kamra, general partner, Canaan Partners. “Advertisers wanting to create buzz by blanketing specific locations during campaigns benefit greatly by deploying a fleet of adverCars showcasing graphics and a call to action with excited and engaged drivers.”

adverCar began its operations in New Orleans, LA, and recently expanded to establish offices in San Francisco, after seeing early success in 40+ US markets. The Company’s Board of Directors includes Jim McCann, CEO of 1-800-Flowers and Deepak Kamra, partner at Canaan Partners.

“We’ve seen incredible response across the country, having worked with dozens of advertisers and 5,000+ drivers—including adverMoms™—looking to make extra cash, simply by sharing favorite brands and services on their car,” said Neil Turner, adverCar founder and CEO. “Advertisers are excited about a social, mobile approach to reach new prospects using adverCar. In a world where social media endorsements are critical in brand marketing – displaying promotions on cars extends this social concept into the physical world.”

adverCar provides innovative, targeted and measurable automobile advertising that has been proven to drive desired behavior. Working with local and national advertisers with varying goals, adverCar understands how to reach customers that progressive brands want to reach – where they live, play, work, and shop.

“People are willing to ‘rent’ underutilized resources to make extra cash – sharing apartments and cars when they’re not being used. adverCar offers a similar model by paying people to rent unused space on cars. We’re talking to a variety of advertisers who are excited to work with us to reach new customers in new ways,” added Turner.

About adverCar
Headquartered in San Francisco, Ca., adverCar is an innovative media company that provides next-gen, out-of-home ad services to connect advertisers with consumers, displaying ads that cannot be ignored or clicked away. adverCar targets people where they live, play, work and shop, driving people to desired behaviors. For more information, visit www.advercar.com.

Related Posts

Leave a Reply

PEHUB Community

Join the 12502 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget