Multiply Group, a subsidiary of Abu Dhabi’s International Holding Company (IHC), has invested another 55 million dirhams ($14.9 million) in US rideshare advertising start-up Firefly.
The new investment, which includes the establishment of an Abu Dhabi-based joint venture with Firefly, will bring dynamic advertising in taxis and rideshare vehicles to the Middle East and North Africa (MENA) region, the company told the Abu Dhabi Securities Exchange (ADX) on Tuesday.
Last May, Multiply Group acquired a stake in Firefly for an undisclosed amount.
Firefly allows rideshare drivers to earn money from advertising. The San Francisco-based firm is backed by premier investors such as Google Ventures and Stanford University’s StartX Fund.
Samia Bouazza, CEO of Multiply Group said that Firely’s recent performance has been impressive as cities re-emerge from COVID-19 and brands revive out-of-home advertising to connect with consumers.
“Through this investment, we are reinforcing our commitment to bringing innovative, tech-enabled marketing strategies to the MENA region,” he said.
Firefly operates across major cities in the U.S., working with taxi companies and ride-hail drivers to install proprietary advertising displays on their vehicles. The screens delivery dynamic content based on location-based, GPS-enabled triggers, ensuring millions of impressions per month.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2021