TURKISH ENTREPRENEURS RAISE $30M FROM TWO MAJOR TECH FUNDS

Firefly takes its place in New York after San Francisco and Los Angeles
TURKISH ENTREPRENEURS RAISE $30M FROM TWO MAJOR TECH FUNDS

Smart media platform Firefly, founded in San Francisco by two young entrepreneurs Kaan Günay and Onur Kardeşler raised $30 million of new investment from two giant venture capital funds leading the global technology sector.

NFX, the existing investor of Firefly, also joined the Serial A investment led by GV (formerly Google Ventures). Firefly had received an investment of $21.5 million in December 2018 as well.
The company announced its entry to the New York market following the investment. It took over outdoor advertising solutions provider STRONG's digital operations, which controls 50 percent of digital taxi toppers market in New York.
“We have become the fastest growing smart media platform in the US in a short time. We represent the next generation of advertising technologies.
We are excited to carry our innovative software to New York. We have hired 50 software developers for our new Istanbul office after the investment we received in December 2018. Our investment will continue and we aim to increase the number of our software developers to 100 in the near future” said Firefly CEO Kaan Günay. “Firefly is creating a significant new advertising format at scale”


GV General Partner Adam Ghobarah said
Firefly, the smart media platform venture founded by young entrepreneurs Kaan Günay and Onur Kardeşler, completed its the new funding round. The company places smart screens on top of shared vehicles and taxis, and displays advertisements according to route, region's demographic structure and traffic conditions in San Francisco and Los Angeles. The company recently attracted $30 million of investment from two giant venture capital funds leading the global technology sector. NFX, the existing investor of Firefly joined the Serial A investment led by GV (formerly Google Ventures).
Firefly had received an investment of $21.5 million in December 2018 as well. The company, founded in San Francisco in 2017 also announced its entry to the New York market following the investment. It took over outdoor advertising solutions provider STRONG's digital operations, which controls 50 percent of digital taxi toppers market in New York.


FIREFLY WILL DOUBLE ITS EMPLOYMENT IN TURKEY
“We have become the fastest growing smart media platform in the US in a short time. We represent the next generation of advertising technologies. We are excited to carry our innovative software to New York. We have hired 50 software developers for our new Istanbul office after the investment we received in December 2018. Our investment will continue and we aim to increase the number of our software developers to 100 in the near future” said Firefly CEO Kaan Günay.
Everybody wins Stating that Firefly has a business model beneficial for all its stakeholders, Günay said, “We are creating additional income up to 15 percent for taxi drivers and shared vehicles. We cooperate with local administrations. The announcements of the Amber Alert System for missing children are displayed on our screens. We have allocated 10 percent of our screen inventory for NGOs, local small businesses and other local government announcements”


GV: FIREFLY IS CREATING A NEW AD FORMAT
Commenting on their investment towards Firefly, “Firefly is creating a significant new ad format at scale. In addition to taxis, the scale of rideshare networks has created a huge opportunity for digital outdoor advertising based on city blocks and timing. Kaan, Onur and the Firefly team have managed this process very well so far, showing how motivated they are to provide data to cities in the long run” GV General Partner Adam Ghobarah said in a statement.

 

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