StickEarn Announces Series A Worth of 77.6 Billion Rupiah
Led by East Ventures and SMDV, followed by Grab, Ovo, and Agaeti Ventures
Randi Eka - 15 October 2019
StickEarn startup known with its advertising solution on the vehicle, today (10/15) announced series A funding closed at $5.5 million or around 77.6 billion Rupiah. This round led by East Ventures and SMDV, followed by Grab, Ovo, and Agaeti Ventures.
The fresh money is to be used to explore new opportunities and services. It also to improve data analytics for a better advertising business. StickEarn offers various out-of-home advertising platforms, such as StickMob (car), StickMotor (motorcycle), StickBus (bus), StickAngkot (Angkot), StickPlane (plane), dan StickMart (retail in-car).
Since 2017, there are more than 300 brands are helped by StickEarn service. Mostly has income growth up to 300% of the awareness. The company has been operating in 31 cities in Indonesia.
"We have this commitment to developing ads platform which brings significant impact, easy access, and smart product for our clients. Through this round, we tried to recruit the best talents in the industry to improve our service in order to meet the client's demand, to develop new products, and tighten up our partnership among agencies," StickEarn's Co-Founder, Archie Carlson said.
Last month, StickEarn has introduced StickTron, a new model of advertising using moving LED on trucks. This is still on trial around Jakarta. They're targeting 10 units of LED trucks by early 2020.
"We'll keep developing various ad services to support campaigns in the integrated and multi-platform. This is to allow StickEarn clients to experience the whole advertising to integrate offline marketing strategy online. We'll provide more data-based campaign report ad tech updates, therefore, to help clients make better decisions," StickEarn's Co-Founder, Garry Limanata said.
StickEarn first received seed funding in 2007 from East Ventures. Along the journey, they've made some strategic partnerships, such as GrabAds with Grab.
"As StickEarn's early investor, East Venture has seen how the pioneers prove their point to develop this kind-of-new business model, in vertical or horizontal. Within only two years, their solution keeps making positive impact either for advertisers or brands. The investment is our commitment to StickEarn can work on its vision to make industrial revolution of out-of-home (OOH) advertising in Indonesia," East Ventures' Managing Partner, Willson Cuaca said.
In addition to StickEarn, Indonesia also has StiCar, Ubiklan, Adroady, and some other players that provide similar services. Promogo, a startup that offers advertisement on vehicles, has acquired by Gojek. –Original article is in Indonesian, translated by Kristin Siagian