New York-based Screenverse, which specializes in so-called digital-out-of-home, or DOOH, advertising, has raised $10.5 million in a round led by Boston-based growth equity firm Volition Capital.
Co-founded by digital advertising veterans David Weinfeld and Adam Malone, the four-year-old startup controls over 90,000 screens across the country. Walmart and grocery chain Kroger are among its customers.
Value-driven
“Our mission is to simplify and optimize the advertising process for media owners and advertisers alike, ultimately driving value for all stakeholders in the ecosystem,” said Weinfeld, who serves as Screenverse’s CEO. Weinfield previously worked at Vistar Media.
“The breadth and diversity of Screenverse’s network add tremendous value to advertisers seeking to reach unique audiences programmatically,” said Larry Cheng, one of three managing partners sat Volition Capital. “We are thrilled to lead this investment round and support Screenverse in its mission to drive value for media owners and advertisers alike.”
DOOH — described as digital advertising in a physical world — leverages digital screens in multiple places, such as malls, airport terminals, trains and buses. Its key edge over traditional billboards is the ability to deliver dynamic and targeted content. It allows advertisers to remotely upload, schedule, and manage content that can range from commercial to political and social.
Focus on pDOOH
Within DOOH, Screenverse is sharpening its focus on a market segment called programmatic DOOH, or pDOOH. Programmatic refers to an automated mechanism, much like online ads, that matches buyers and sellers in a dynamic bidding process. This segment could be worth $1 billion by 2026, from a mere $0.1 billion in 2020, Screenverse said. Last year, Screenverse said it secured “tier 1” deals with Vistar and Place Exchange, and expanded its network to include 14 unique partnerships.
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
“Volition Capital’s investment is a testament to the strength of our vision and the potential we see in the DOOH advertising space,” said Malone, the company president based in Rockville, Md. “With this support, we are well-positioned to continue our mission of driving innovation and unlocking new opportunities in programmatic DOOH.” Malone previously worked at DOmedia.
Fidelity Spinoff
Based in Boston, Volition Capital was spun off from Fidelity Investments in 2010, with Andy Flaster, Larry Cheng, Rob Ketterson, Roger Hurwitz and Sean Cantwell listed as co-founders. It has raised $1.7 billion from five funds. The most recent fund, worth $675 million. closed in January 2023.
Volition Capital has invested in, or provided sub-advisory advice, to more than 40 companies across the software/SaaS, tech-enabled services, internet applications, and consumer sectors. In 2023, Volition exited two firms, made 11 new investments and four follow-on investments. Its recent investments include HALO Technologies, Digital Onboarding, HAAS Alert and Relish.
