Firefly has successfully raised significant funding over multiple rounds, establishing itself as a key player in the digital out-of-home advertising space. The company offers a range of innovative advertising solutions, including digital tops, car wraps, and LED trucks, designed to engage urban audiences through dynamic storytelling and data-driven strategies.
Keep reading to delve into the details of Firefly's fundraising journey and discover the investors who are backing this cutting-edge platform.
What Is Firefly?
Firefly, founded in 2017, is a pioneering company in the digital out-of-home advertising space. Based in San Francisco, the company offers innovative advertising solutions like digital tops, car wraps, and LED trucks to engage urban audiences.
Founded by Kaan Gunay and Onur Kardesler, Firefly has quickly expanded its operations to major North American cities, including New York, Los Angeles, and Chicago. The company leverages data-driven strategies to deliver targeted and dynamic advertising experiences.
With a growing team of over 200 employees, Firefly continues to push the boundaries of mobility advertising, providing advanced tracking, measurement, and optimization for its clients.
How Much Funding Has Firefly Raised?
- Seed Round
- Amount Raised: $21,500,000
- Date: December 2018
- Lead Investors: Decent Capital, NFX, Pelion Venture Partners
- Motivation Behind the Round: To establish a foothold in the market and develop the technology for advertising on rideshare vehicles.
- Series A Round
- Amount Raised: $30,000,000
- Date: May 2019
- Lead Investors: GV (Google Ventures), NFX
- Valuation at Round: $155M
- Motivation Behind the Round: To expand market presence and bring more ads to rideshare vehicles like Ubers, Lyfts, and taxis.
Total Amount Raised: $51.5M. Current Valuation: $155M.
Key Investors
- GV (formerly Google Ventures)
- Details: GV is the venture capital investment arm of Alphabet Inc., providing seed, venture, and growth-stage funding to technology companies. It was founded in 2009 and has since invested in numerous high-profile startups.
- Investment Focus Areas: Life sciences, consumer products, enterprise technology
- Notable Investments: Uber, Slack, Medium
- NFX
- Details: NFX is a seed and series A venture firm based in San Francisco, known for its focus on network effects. The firm emphasizes early-stage investments and has a strong track record in the tech industry.
- Investment Focus Areas: Network effects, marketplaces, platforms
- Notable Investments: Lyft, DoorDash, Poshmark
- Pelion Venture Partners
- Details: Pelion Venture Partners is a venture capital firm that invests in early-stage technology companies. Founded in 1986, the firm has a long history of supporting innovative startups.
- Investment Focus Areas: Early-stage technology, software, internet
- Notable Investments: Red Hat, Cloudflare, Divvy
- Decent Capital
- Details: Decent Capital is a venture capital firm backed by the founders of Tencent. The firm focuses on technology startups and has a strong presence in the Chinese market.
- Investment Focus Areas: Technology startups, internet, mobile
- Notable Investments: Kuaishou, Meituan-Dianping, Didi Chuxing
- Stanford’s StartX Fund
- Details: The StartX Fund is associated with Stanford University and supports startups founded by Stanford alumni. The fund aims to foster innovation and entrepreneurship within the Stanford community.
- Investment Focus Areas: Technology, healthcare, education
- Notable Investments: Branch Metrics, Lime, Patreon
What's Next for Firefly?
Firefly's future looks promising as it expands into new markets and leverages its recent acquisition of Strong Outdoor's digital operations. This move opens up significant opportunities, particularly in New York City, where Firefly now holds the largest taxi advertising contract in the United States. The company’s innovative approach to digital out-of-home advertising, combined with its partnerships with ride-hail services like Uber and Lyft, positions it well to capitalize on the growing trend of geo-targeted ads.
With the potential for further fundraising, Firefly could attract more investors by demonstrating continued growth and successful partnerships. The company’s commitment to supporting local businesses and nonprofits by allocating 10% of its ad inventory also strengthens its community ties. However, challenges such as competition from other advertising platforms and regulatory hurdles related to data privacy may pose obstacles. Ensuring the quality and relevance of ads will be crucial as Firefly scales its operations.
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