US-based audio advertising and background music company Vibenomics has raised $12.3 million in a Series B round of funding.
The company has plans to expand its network and advertising reach, it says, and will use the funding to support the launch of additional national networks in grocery stores, pharmacies, and convenience stores.
The round was led by Panoramic Ventures.
Vibenomics says that it offers licensed background music playlists for businesses, as well as professional voice announcements and so-called targeted “audio out-of-home” advertisements.
Vibenomics says that it works with over 180 advertisers in more than 15,000 locations across 49 states, reaching more than 250 million unique monthly listeners.
On the company’s website, Vibenomics states that its Audio Experience Managers “work with [clients] to select from [its] robust and evolving collection of licensed music.”
Earlier this year, Vibenomics partnered with supermarket chain Hy-Vee, a deal which added an additional 400 locations across the Midwest for the company.
The company also partnered with American retail company Kroger in May 2020, a deal which Vibenomics said “established itself as a formidable player in the Audio-Out-of-Home (AOOH) market.”
Vibenomics also says that it plans to expand to over 20,000 locations by the end of 2023.
Vibenomics join a list of companies operating in the music for business space, including Apple Music for Business and Soundtrack Your Brand..
In 2019, Apple partnered with in-store music and entertainment provider PlayNetwork to launch a Music for Business service.
Soundtrack Your Brand, meanwhile, says it offers over 58 million songs licensed for businesses, and has worked with clients such as Joe & The Juice, TAG Heuer and Toni & Guy.
Soundtrack Your Brand renewed a global licensing deal with Warner Music in October 2020.
“This funding validates our investors’ belief in the future of Vibenomics and what we’re building.”
Brent Oakley, Vibenomics
Brent Oakley, Vibenomics Co-Founder and CEO, said: “This funding validates our investors’ belief in the future of Vibenomics and what we’re building.
“AOOH’s value, impact and ability to scale allows retailers to provide a positive, in-store customer experience.
“We’re anticipating another record-breaking year in 2022 and these funds will enable us to continue innovating and accelerating product developments, building on our momentum.”
“We believe that Vibenomics’s innovative approach to in-store audio advertisements in that industry gives us significant leverage to capitalize on a growing market.”
Paul Iaffaldano, Panoramic Ventures
Paul Iaffaldano, General Partner for Panoramic Ventures, added: “Vibenomics directs the majority of its efforts toward consumer packaged goods (CPGs), a massive and highly competitive advertising sector eager to invest in innovative marketing strategies, particularly within retail locations.
“We believe that Vibenomics’s innovative approach to in-store audio advertisements in that industry gives us significant leverage to capitalize on a growing market.”Music Business Worldwide