Total amount raised
$155 Millions
Latest funding date
May, 2019
Location
Firefly has successfully raised significant funding through multiple rounds, including a Series B round, to support its innovative digital out-of-home advertising solutions.
With a diverse range of investors backing its vision, Firefly continues to expand its footprint in the advertising industry. Keep reading to explore the intricacies of Firefly's fundraising journey and the investors supporting this dynamic platform.
What Is Firefly?
Firefly, founded in 2017 by Kaan Gunay and Onur Kardeşler, is a San Francisco-based company specializing in digital out-of-home advertising.
They utilize mobility-based Smart Screens and Smart Cities advertising platforms, leveraging rideshare and gig economy vehicles to deliver targeted ads. Their technology includes digital signages installed atop taxis, providing location-based, “situationally aware” software and first-party data for precise audience targeting.
With a team of 101-250 employees, Firefly continues to innovate in the advertising industry, offering products like digital tops, static tops, car wraps, and LED digital trucks.
How Much Funding Has Firefly Raised?
- Pre-Seed Round
- Amount Raised: Not disclosed
- Date: May 16, 2017
- Lead Investors: NFX
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's initial operations and develop its business model.
- Seed Round
- Amount Raised: $2M
- Date: May 12, 2014
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch and grow the company's initial operations.
- Seed Round
- Amount Raised: $21.5M
- Date: Dec 6, 2018
- Lead Investors: NFX
- Valuation at Round: $53.96M (PitchBook estimate)
- Motivation Behind the Round: To establish and grow its business model of providing supplemental income to rideshare drivers through rooftop advertisements.
- Series A
- Amount Raised: $30M
- Date: May 30, 2019
- Lead Investors: Google Ventures, NFX
- Valuation at Round: $150M (PitchBook estimate)
- Motivation Behind the Round: To expand its vehicle-mounted advertising service, primarily targeting Uber and Lyft drivers, and to acquire the digital portion of Strong Outdoor.
- Series B
- Amount Raised: Not disclosed
- Date: Apr 1, 2021
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technology.
- Series B
- Amount Raised: Not disclosed
- Date: Jul 26, 2021
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding its footprint in the advertising industry.
Total Amount Raised: $53.5M
Current Valuation: Not publicly disclosed
Key Investors
- Google Ventures (GV)
- Details: GV is the venture capital investment arm of Alphabet Inc., the parent company of Google. It provides seed, venture, and growth-stage funding to technology companies.
- Investment Focus Areas: Life sciences, consumer products, enterprise technology.
- Notable Investments: Uber, Slack, Nest.
- NFX
- Details: NFX is a venture capital firm that focuses on seed and early-stage investments, particularly in network effects businesses. They have been a consistent backer of Firefly.
- Investment Focus Areas: Network effects businesses, technology startups, early-stage companies.
- Notable Investments: Lyft, DoorDash, Poshmark.
- 10X Capital
- Details: 10X Capital is a venture capital firm that invests in high-growth technology companies. They participated in Firefly's Series B funding round.
- Investment Focus Areas: Technology, fintech, consumer products.
- Notable Investments: Robinhood, DraftKings, Compass.
- Stanford’s StartX Fund
- Details: The StartX Fund is associated with Stanford University and invests in startups founded by Stanford alumni. They have supported Firefly in its growth stages.
- Investment Focus Areas: Technology startups, healthcare, education.
- Notable Investments: Not publicly disclosed.
- Industry Ventures
- Details: Industry Ventures is a leading investment firm focused on venture capital. They provide capital to both venture funds and direct investments in companies.
- Investment Focus Areas: Venture capital funds, technology startups, growth-stage companies.
- Notable Investments: Not publicly disclosed.
What's Next for Firefly?
Firefly's future looks promising as it expands its digital out-of-home advertising network. The acquisition of Strong Outdoor's digital operations opens up significant opportunities in New York City, allowing Firefly to access 3,500 taxi tops. This expansion, combined with their existing operations in San Francisco and Los Angeles, positions Firefly to deliver targeted ads to a broader audience, enhancing its market reach.
With the growing demand for supplemental income among rideshare drivers, Firefly's model offers a viable solution. The company is likely to attract further investment to scale its operations and enhance its technology. However, challenges such as regulatory hurdles and competition from other digital advertising firms could pose obstacles. Navigating these challenges will be crucial for Firefly's sustained growth and success in the evolving advertising landscape.
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