S&T Media secures seed funding from EchoVC Partners
A digital advertising company, S&T Media has raised a six figure seed from EchoVC Partners, an early stage technology venture capital firm. S&T Media pioneers several innovative digital advertising platforms including AdPump– a digital advertising network targeting consumers at petrol pumps – and AdEdge – an in-store digital advertising screen – which secured its first retail deal with retail giant, Spar recently.
The seed round, which could go up to $1, 000, 000, according to the investment details, not yet fully disclosed, will be dedicated to growing S&T Media as well as increase investments in AdPump’s expansion, product development.
Launched in 2014 as AdBox, it has since installed 160 AdPump screens in 17 strategically located filling stations in Lagos boosting more than 1,000 filling stations capacity across the country.
Speaking on the deal, Co-Founder of S&T Media, Tolu Roberts said: “Since inception we wanted to create platforms that can give brands the reach they crave in a more efficient and targeted manner. Securing institutional funding with the right investor has allowed us to accelerate that vision, as we rapidly develop and install platforms that connect brands with captivated consumers.
With EchoVC on board, we have found more than just an investor but also a partner who understands effective growth of tech start-ups. We are confident that we can penetrate the advertising market with our innovative platforms whilst leveraging on EchoVC strategic partnerships.”
Also speaking, Managing Partner, EchoVC Partners, Eghosa Omoigui said: “We were impressed with AdPump’s ingenuity in developing new routes to market for advertisers in Africa, namely via digital.
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