Indonesia’s StickEarn raises US$5.5mil in Series A funding
By Digital News Asia October 16, 2019
- Participating investors include Grab, OVO, and Agaeti Ventures
- To date StickEarn has expanded operationally to 31 cities across Indonesia
STICKEARN, a leading Indonesian offline-to-online advertising technology company, announced on Oct 15 that it has closed an oversubscribed Series A round of funding of US$5.5 million. The round is co-led by East Ventures and SMDV, together with Grab, OVO, and Agaeti Ventures.
This investment will enable the company to explore new opportunities from different verticals and enhance its data and analytics capabilities to become a prominent advertising technology company in the region.
Started in 2017, StickEarn aims to revolutionise the advertising industry by running the first measurable out-of-home advertising. The company has now expanded and planted its roots into several verticals: transportation advertising, outdoor advertising, indoor advertising, and smart retail. Within two and a half years, StickEarn has worked with over 300 clients and brands and its revenue has grown by more than 300%.
To date, StickEarn has expanded operationally to 31 cities across Indonesia. StickEarn offers various advertising options such as StickMob (Car), StickMotor (Motorbike), StickBus (Bus), StickAngkot (Angkot), StickPlane (Aeroplane), and StickMart (In-car retail).
Launched in 2018, StickMart is a patented in-car sampling distribution and retail platform that is now available in six countries and has helped numerous brands reach their target audiences in a captive environment. Last month also saw StickEarn launch its latest product- StickTron, a three-sided advertising LED Truck that drives specific routes within the city.
“We are very excited and thankful for the support of our investors and are committed to building impactful, accessible and intelligent advertising channels for our clients. With this round of funding, we look to hire the best talents in the industry to make further improvements and develop new products, further strengthening the relationship between agencies and StickEarn to satisfy the growing needs of our clients,” said co-founder Archie Carlson.
According to co-founder Garry Limanata, “We will grow a number of different verticals that can offer 360 degrees multi-platform campaigns for clients. This will result in a more holistic experience for our clients and enable them to integrate offline and online marketing strategies. We also aim to provide more data-driven campaign reports and technological advancement so that we can help clients make better decisions.”
Willson Cuaca, managing partner of East Ventures says, “As their first supporter, we see how StickEarn founders have proved their ability to scale this fresh business model, both horizontally and vertically. In just two and a half years, their solution continuously brings a positive impact both for advertisers and brands. This investment is the proof of our confidence that StickEarn will be able to fulfill its mission in revolutionising the OOH advertising industry in Indonesia.”
OVO chief executive officer Jason Thompson says “Indonesia is blessed with a vibrant community of entrepreneurs that are stimulating the emerging affluent middle economy and financial inclusion. StickEarn’s commitment to driving innovative digital marketing and high impact signage has helped project OVO to market leadership.”