Adtech firm OfferMoments has raised £1.5 million to fund the development and launch of a new marketing product that it says will revolutionise outdoor advertising.
OfferMoments’ known technology is a facial recognition-powered billboard advertising platform that tailors ads and offers to passers-by.
Details of the new product are being kept under wraps until its expected launch next month.
“This is a really exciting time for us as we continue to expand our offering and develop an innovative new Out-of-Home service, which we believe will transform the face of advertising as we know it,” said Abdul Alim (pictured below), co-founder and chief marketing officer of OfferMoments.
“The investment will contribute to the ongoing development of the product and help us to successfully launch it to the market.”
The new wave of investment has been led by Michael Edelson, a director of Manchester United since 1982, who has been instrumental in floating numerous companies on the AIM stock market including ASOS plc and Knutsford plc, which reached a value of £1 billion within a month of flotation.
Investors in OfferMoments include Paul Althasen, a mobile industry veteran who founded MPC and sold it to Vodafone, and Apadmi Ventures, the investment arm of leading mobile technology group, Apadmi.
The Manchester-based company won the People’s Choice award at Prince Andrew’s Pitch@Palace programme in 2016.
Howard Simms, CEO of Apadmi Ventures, said: “OfferMoments is a truly revolutionary business that is constantly on the lookout for innovations that can disrupt the world of advertising.
“At Apadmi Ventures, we are dedicated to investing in technology businesses in the North that are set to completely disrupt their sectors.
“After hearing about OfferMoments’ unique business venture, we’re convinced that it is going to be a game-changer.
“We’re looking forward to working with the team and seeing what we can achieve together.”