The fund will be used by S&T Media for expansion, product development, and hardware and staff acquisition.
“…with EchoVC on board, we have found more than just an investor but also a partner who understands effective growth of tech start-ups. We are confident that we can penetrate the advertising market with our innovative platforms whilst leveraging on EchoVC’s strategic partnerships,” S&T co-founder, Tolu Roberts said in a statement.
S&T Media is a specialist in out-of-home advertising. It offers companies the latest digital platforms to advertise their brands and reach their target demographics.
The Adbox, its placed based digital platform, is the fastest growing television network at gas stations nationwide.
With engaging content that is relevant to its viewers, it meet the needs of a new generation of sophisticated, multi-tasking consumers who are on-the-go and can’t be reached through traditional media.
The Adbox delivers a one-to-one viewing experience to provide busy, affluent consumers with entertaining content at the pump, with programming from Channels News TV, HipTV, and Sports.
AdEdge, an in-store digital advertising screen that installs screens on the aisle shelves to bring commercials to the point of purchase, and AdPump are some of S&T’s products.
Eghosa Omoigui from EchoVC Partners said, “We were impressed with S&T Media’s ingenuity in developing new routes to market for advertisers in Africa, namely via location-based digital. The velocity at which they’ve built 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,”
He added, “The customer feedback has been fantastic and reflects the platform’s ability to consistently resonate with advertisers and consumers alike.”