EchoVC partners invest seed funding into S&T Media
EchoVC Partners, an early stage technology venture capital firm has announced a six digits investment into S&T Media, based digital advertising company in Nigeria. 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 – […]
EchoVC Partners, an early stage technology venture capital firm has announced a six digits investment into S&T Media, based digital advertising company in Nigeria.
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 $1million according to the investment details has not yet been fully disclosed.
The fund according to the partners will be dedicated to growing S&T Media including increased investments in AdPump’s expansion, product development, and further hardware and staff acquisition.
Speaking on the deal, Co-Founder of S&T Media, Tolu Roberts said since the launch of AdBox in 2014, S&T Media has installed 160 AdPump screens across Lagos in 17 strategically located filling stations and successfully entering into distribution deal with a number of Nigeria’s petroleum products marketing companies, including Oando Plc, Forte Oil and Total Plc which boasts more than 1,000 filling stations capacity across the country.
Roberts said the company has also recently signed up key advertising partners including Etisalat, Jumia, Smile Communications, House on the Rock, Guaranty Trust Bank and Mall for Africa.
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. The velocity at which they’ve attracted content suppliers, key advertising partnerships as well as a distribution network with such notable brands, is a combination of their excellent product, as well as the market’s willingness to use targeted marketing methods to reach their end user.”