Abu Dhabi - Mubasher: Multiply Group, a subsidiary of International Holdings Company (IHC), has further invested AED 55 million in the US-based Firefly to introduce digital advertising services to taxis and rideshares in the MENA region.
This investment, which comes following Multiply's initial investment in May 2021, includes the establishment of the Abu Dhabi-based joint venture with Firefly, according to a press release on Tuesday.
The San Francisco-based company, which works with taxi companies and rideshare drivers to install proprietary advertising displays on their vehicles, is also backed by other investors including Google Ventures, NFX, and Stanford University’s StartX Fund.
The CEO of Multiply Group, Samia Bouazza, said: "This exciting transaction is in line with Multiply Group’s strategy to capture market share in digital out-of-home advertising and will be highly complementary to our recent investment in Emirates Driving Company as we look to expand in-vehicle advertising in the UAE."
Meanwhile, the Co-Founder and CEO of Firefly, Kaan Gunay, commented: "Since Multiply Group’s initial investment in May 2021, we have become strong partners and appreciate their collaboration and support as we continue to disrupt the advertising industry with our sophisticated tech-driven platform."
