Press Releases » $3 Million Series A for DOmedia Breaks New Ground For Ohio Investors
$3 Million Series A for DOmedia Breaks New Ground For Ohio Investors
Funding is One of First for the Ohio Innovation Fund
COLUMBUS, OH April 20, 2016 – DOmedia LLC, the leading software platform provider for planning and buying out-of-home (OOH) advertising, announced the close of Series A funding round totaling $3 million. The round was led by Advantage Capital Partners (ACP). The round also included one of the first two investments from the Ohio Innovation Fund (OIF), whose founding members are The Ohio State University and Ohio University.
DOmedia, which operates out of Columbus, OH, will use the funds to extend its suite of OOH media buying software for advertising agencies of all sizes; develop new applications to serve the 1,700 advertising vendors that currently use DOmedia; and support the ramp up of DOmedia’s hiring initiatives within sales, marketing and technology.
DOmedia’s platform is unique as compared to other software suites; it removes barriers to communication and allows true interactive collaboration on proposals and marketing campaign development between advertisers and the vendors who sell OOH ad space. The platform has generated more than $3.7 billion in proposals for billboards, transit, alternative and other OOH needs. In 2015, U.S. advertising and PR agencies contracted over $400 million of media through DOmedia.
“DOmedia has a proven track record of success aggregating the demand and supply-sides of the media industry,” said Christopher Harris, Senior Vice President at Advantage Capital Partners. “DOmedia brings efficiency and transparency to out-of-home media buying, putting them at the forefront of innovation within this space. Our investment should give the company the tools to expand their customer acquisition strategy and further accelerate their growth.”
The investment follows a year of rapid growth for DOmedia, which saw revenue increase more than 450 percent in 2015. In 2015, over five percent of all U.S. OOH media was purchased through the DOmedia system. By investing in customer acquisition and new products, the company expects to increase revenue an additional 250 percent by the end of 2017.
“DOmedia is changing how billboards and other out of home advertising is bought and sold. Our platform is bringing the buyers and sellers together to collaborate easily and efficiently in developing OOH strategies, soliciting proposals, tracking execution and analyzing outcomes. Our platform cuts the time to develop and manage OOH campaigns from days to minutes,” said DOmedia CEO Ken Sahlin. “The world’s largest advertising and PR agencies are ready to adopt the efficiencies and extended capabilities that our software provides.”
In February, DOmedia opened its media buying platform to agencies and brands of all sizes. Anyone can sign up for a free account on DOmedia.com and use the suite of media buying software to plan and map campaigns, request proposals and contact any OOH vendor listed on DOmedia. The firm has also been piloting a new suite of supply-side applications for media vendors, which was announced at the Outdoor Advertising Association of America / Traffic Audit Bureau convention on April 18, 2016. In November 2015, DOmedia announced that over $1 billion of media had been sold through their platform.
“DOmedia has proven their product can serve the most discerning customers in the ad industry,” said Bill Baumel, Managing Director of the Ohio Innovation Fund. “BThis funding will help them accelerate their growth and develop new products to serve media sellers as effectively as they serve agencies and brands, as well as adapt their platform for additional media types.”
DOmedia is an independent technology company on a mission to change the way out-of-home media is bought and sold. DOmedia’s cloud-based applications connect buyers and sellers to leverage marketplace effects, eliminate labor and improve reporting and analytics. The firm’s software is already empowering leading agencies, vendors and brands. For more information about DOmedia, visit DOmedia.com or contact Ian Bowman-Henderson at (513) 508-4237.