Abu Dhabi's Multiply Group invests further AED 55mln in Firefly to bring digital advertising services to taxis and rideshares in MENA

Investment includes plans to establish an Abu Dhabi-based partnership with San Francisco Bay Area-based Firefly and follows an initial investment in Firefly announced in May 2021.

  
Abu Dhabi's Multiply Group invests further AED 55mln in Firefly to bring digital advertising services to taxis and rideshares in MENA
  • Firefly has developed a digital media platform that connects audiences with dynamic advertising on taxis and rideshare vehicles.

Abu Dhabi: Multiply Group, a subsidiary of Abu Dhabi-listed International Holdings Company (IHC), has increased its investment in its U.S. digital media platform with a follow-on investment in Firefly to bring dynamic advertising in taxis and rideshare vehicles to the MENA region. Firefly, a San Francisco Bay Area-based company, is also backed by other major investors including Google Ventures, NFX, and Stanford University’s StartX Fund.

The investment of AED 55million, which includes the establishment of an Abu Dhabi-based joint venture with Firefly, follows an initial investment by Multiply announced in May 2021. The San Francisco-based company is also backed by other major investors including Google Ventures, NFX, and Stanford University’s StartX Fund.

Samia Bouazza, Chief Executive Officer of Multiply Group, commented:

“This exciting transaction is in line with Multiply Group’s strategy to capture market share in digital out-of-home advertising and will be highly complementary to our recent investment in Emirates Driving Company as we look to expand in-vehicle advertising in the UAE. Firefly’s recent performance has been impressive as cities re-emerge from Covid-19 and brands revive their 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 once again.”

Kaan Gunay, Co-Founder and Chief Executive Officer of Firefly, commented:

“Since Multiply Group’s initial investment in May 2021, we have become strong partners and appreciate their collaboration and support as we continue to disrupt the advertising industry with our sophisticated tech-driven platform. As Firefly continues to grow at a rapid pace, we are delighted to be expanding our partnership through Multiply Group’s second investment round which includes a planned partnership that enables us to access the MENA market, where we see enormous opportunity to scale our business.”

Firefly operates across major U.S. cities, working with taxi companies and rideshare drivers to install proprietary advertising displays on their vehicles. These screens deliver dynamic content based on location-based, GPS-enabled triggers ensuring millions of impressions per month. In June 2021, Firefly became the largest taxi-top platform in North America after acquiring Curb Taxi Media, giving it access to over ten thousand car tops to significantly scale its technology and network.

---Ends---

About Multiply Group

Multiply Group (formally known as Multiply Marketing Consultancy) is an Abu Dhabi-based company that invests in tech-focused scalable businesses in fast-growing markets and industries.

Multiply Group leverages its core strengths of data insights and leading-edge expertise to bring the most disruptive technologies to the region. Our objectives are to create a platform for innovation and harness synergies between businesses to drive growth and empower our communities.

Multiply Group is a fully owned subsidiary of the publicly listed International Holding Company (IHC), one of the fastest growing and most valuable companies in the UAE. We continue diversifying our portfolio, extending from emerging businesses to established high growth companies, reflecting the spirit of IHC while infusing our growth mindset into our subsidiaries.

International Holding Company

IHC was founded in 1998, as part of an initiative to diversify and grow non-oil business sectors in the UAE. Adhering to ‘Abu Dhabi’s Vision 2030’, the ADX listed company endeavours to implement sustainability, innovation, and economic diversification initiatives across what is now one of the region’s largest conglomerates.

IHC has a clear objective of enhancing its portfolio through acquisitions, strategic investments, and business combinations.  Comprising more than 30 entities, IHC seeks to expand and diversify its holdings across a growing number of sectors, including Real Estate, Agriculture, Healthcare, Food and Beverage, Utilities, Industries, IT and Communications, Retail and Leisure, and Capital.

With a core strategy to enhance shareholder value and achieve growth, IHC drives operational synergies and maximizes cost efficiencies across all verticals – it also continues to evaluate investment opportunities through direct ownership and entering partnerships in the UAE and abroad. As the world changes, and new opportunities arise, IHC remains focused on resilience, innovation and redefining the marketplace for itself, its clients, and its partners.

Contact details:
Ahmad Ibrahim
Corporate Communication and Media Manager
Ahmad.ibrahim@ihcuae.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases