NGN Nets $30 Million
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Kiosk marketing technology company Next Generation Network Friday said it has picked up $30 million package of private financing.
NGN landed the funds from Canadian-based fund managers Caisse de Depot et Placement du Quebec's media and telecom investment arm, CDP Capital Communications.
"We are very excited to have CDP leading this round of financing. They have an excellent reputation as an investor in the media world," said NGN chairman Gerard Joyce. "With their investment savvy, they bring a tremendous knowledge of the advertising and real estate worlds, both key to the success of our company."
The E*Billboard displays Internet-delivered news and other national or local content, including ads. The company estimates more than 200 million consumers a month see the boards, which are located in convenience stores, gas pumps and elevators in major markets in the U.S., Europe and Australia. About 6,500 E*Billboards are in operation.
The company said proceeds from the round will be used business development and expansion of the NGN's network of E*Billboards, which total around 6,500.
Minneapolis-based NGN competes with several other companies offering ways for advertisers to deliver ads to audiences standing in line or otherwise idle. One of those competitors, Captivate Network, recently inked a deal with Dunkin Donuts to advertise in elevators in office towers and hotels in Boston, Chicago and New York. Captivate has relationships with building owners and real estate firms, and estimates about 1,000 screens in operation.
Another tech firm, TenSquare, serves printable coupons to kiosk-enhanced gasoline pumps; that company recently inked a deal with offline local couponer Val-Pak to serve coupons for nearby merchants.