National retail audio advertising provider Vibenomics has raised $12.3 million in Series B funding to facilitate the launch of additional national networks in grocery stores, pharmacies and convenience stores. The round was led by tech venture fund Panoramic Ventures.
Vibenomics established itself in the audio-out-of-home market after teaming with Kroger in May 2020. Last year, Vibenomics saw its most significant growth, introducing its first proprietary media player to deliver music, messaging and programmatic advertisements to each network partner’s individual locations. By mid-2021, the company had rolled out various demand-side platforms to become what it said was the first and only programmatic digital audio-out-of-home solution for advertisers.
“This funding validates our investors’ belief in the future of Vibenomics and what we’re building,” noted Brent Oakley, CEO of Indianapolis-based Vibenomics, which has 180 advertisers in 15,000-plus locations across 49 states, reaching more than 250 million unique monthly listeners. “AOOH’s value, impact and ability to scale allows retailers to provide a positive, in-store customer experience. We’re anticipating another record-breaking year in 2022, and these funds will enable us to continue innovating and accelerating product developments, building on our momentum.”
Earlier this year, the company joined forces with Hy-Vee, adding another 400 locations across the Midwest. Vibenomics plans to expand to more than 20,000 locations by end of 2023.
“We believe that Vibenomics’ innovative approach to in-store audio advertisements in that industry gives us significant leverage to capitalize on a growing market,” said Paul Iaffaldano, general partner at Atlanta-based Panoramic Ventures.
With nearly 40 employees at present, Vibenomics anticipates increasing its workforce by 25%, specifically in sales and marketing, by the end of this year.
Cincinnati-based Kroger is No. 4 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America, while West Des Moines, Iowa-based Hy-Vee is No. 30 on PG’s list.