SpaceAdd, a South Korean startup dedicated to digital out-of-home advertising technology, has raised 2 billion won ($1.72 million) funding from Silicon Valley-based early-stage venture investor Altos Ventures, the investor said on Nov. 7.
The startup will use the latest funding to secure more locations for its outdoor advertising solutions and offer more efficiencies for advertisers based on its own database, spaceAdd CEO Oh Chang-keun said.
SpaceAdd was founded in 2017 by Oh, former director of Dutch investment management firm Robeco, and has since developed a technology for outdoor digital signage to expose custom-tailored ad content in locations like commercial complexes, offices, sports complexes, kids cafes, golf courses, driving ranges and clubs. This is meant for outdoor ads to target specific audiences according to interest, region, gender or age, among other factors.
The startup’s technology will “contribute to improving advertisers’ marketing performance” and make their marketing strategy more efficient, Oh Moon-suk, principal at Altos Ventures, said in a statement.
The technology will also “overcome the limitations of outdoor advertisement” in public transportations or large outdoor banners exposed to a random group of people, Oh added.
By Son Ji-hyoung (firstname.lastname@example.org)