Adspace Networks, of New York, has raised $30 million to bring its media screens and advertisements to U.S. shopping malls, just the latest in a crowd of companies pushing a similar strategy.
There's NearbyNow, backed with $7.5 million from DFJ and Draper Richards (see our coverage), that focuses on search for malls, along with advertising. There's RippleTV (see coverage), which has raised $15 million, also backed by Draper Fisher Jurvetson, along with Trinity Ventures. DFJ and Trinity also backed China's Focus Media, which puts monitors in public places in China, and had a successful IPO. There's Reactrix Systems, which places interactive screens in malls, and has raised more than $75 million (see our coverage).
Investors in AdSpace include the Walnut Group and the Hauser Davis & Tysoe Group, as well as existing bakers AIG Global Sports & Entertainment Fund, Steelpoint Capital, DCM and GIC Special Investments. The round included $10 million in debt -- supplied by Comerica Bank. The company has raised $67 million in total.
The company's research finds that shoppers view screens an average of 3.3 times per visit, with an average total viewing time of 1.9 minutes (that seems high to us; it suggests there's lots of bored people going to malls). The company predicts it will be profitable by year's end, on $20 million in revenue.