S&T Media, a Nigeria-based advertisement company that runs AdPump, a digital network running ads targeting consumers going to refuel at the gas stations in Nigeria has secured $1 million seed funding from EchoVC Partners.
These funds will go towards expanding S&T Media network and offering across Nigeria as well as up the ante on their current markets and acquire new hardware and staff.
“Since inception we wanted to create platforms that can give brands the location-based reach they crave in a more efficient and targeted manner,” said Tolu Roberts, S&T Media co-founder.
“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 digitally-captivated consumers.”
Currently, AdPump has about 160 screens installed in about 17 gas stations around Lagos. It also has secured exclusive distribution deals with some Nigerian gas station companies like Total Plc, Oando Plc, and Forte Oil that account for a total of 1,000 stations countrywide.
AdPump’s key clients include GT Bank, Mall for Africa, Jumia, Etisalat, House on the Rock and Smile Communications. Just recently, the firm partnered with Spar and the Spanish-based CityDia to set up AdEdge. A digital advertising campaign set up inside stores using screens mounted on the aisle shelves, thus bringing advertising at the point of purchase.
Roberts said, “With EchoVC on board, we have found more than just an investor but also a partner who understands effective growth of tech startups. We are confident that we can penetrate the advertising market with our innovative platforms whiles leveraging on EchoVC’s strategic partnerships.”
AdPump was incepted back in 2014, and so far has secured exclusive distribution rights to 22 in-pump digital screens in Africa. Their services also packaged to include the latest news, sports and entertainment content from Pulse.Ng, Channels TV and HipTV.
Eghosa Omoigui from EchoVC Partners had the following praises to shower AdPump with, “The velocity at which they’ve build a for-Africa product, 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.”
S&T Media is currently eyeing Nigeria’s millions of SMEs that are yet to use their advertising services. They are also setting up online media purchasing tools for businesses that can’t spend much on advertising.