Wrapify Receives Capital Investment
Wrapify, the technology-based car wrap company, has secured a $3 million venture capital investment from Avery Dennison Corporation (NYSE: AVY), a Fortune 500 company with leading global positions in graphics solutions, labeling and packaging material and radio frequency identification (RFID)
The investment in Wrapify is expected to accelerate its footprint in leading cities around the U.S. Wrapify pays drivers to wrap their cars in ads while using the Wrapify app to enable brand owners to track their vehicles in real time.
Wrapify CEO James Heller, recently named the top young marketing talent on Forbes’ prestigious “30 Under 30” list, said, “Our goal for Wrapify is to reach the top 50 US cities by end of year, and Avery Dennison’s investment will spur that. It also helps Wrapify expand our already formidable sales force, and broaden our technology and operations teams.”
Wrapify’s platform has been embraced by many of the nation’s best-known brands, including Bud Light, eBay, Lyft and Petco.
“There’s never been anything like Wrapify in the advertising marketplace,” says James Moorhead, CMO of pay-per-mile car insurance company Metromile. “They are revolutionizing the outdoor advertising industry, and we’re proud to be an early adopter of this exciting platform.”
The investment comes as Avery Dennison and Wrapify have been working together to develop a vehicle-wrapping film technology best-suited for Wrapify’s needs: a short-term, easy to install and remove film for the transit oriented out-of-home advertising industry.
“I’ve been continuously impressed by Avery Dennison’s dedication to excellence and drive to deliver what’s best for their customers,” said Heller. “I am confident they are the right partner to help spur Wrapify’s next phase of growth.”
“Avery Dennison prides itself on identifying the most exciting and innovative new ideas and businesses in our category, and Wrapify is a standout,” said Bill Podojil, Avery Dennison’s Graphics Solutions Sr. Director North America. “We’re impressed by its concept, its product, its team, and its significant success in less than two years. We see this as a great opportunity to extend our leadership in car wrapping.”
Wrapify is the “advertising leader in the gig economy.” It pays American drivers to wrap their cars in marketing messaging while using its proprietary technology to track their vehicles in real time for brands including Bud Light, eBay and Petco. Named one of Inc. magazine’s hottest startups of 2015, San Diego-based Wrapify is currently in 29 US markets with more than 40,000 registered drivers.
About Avery Dennison
Avery Dennison (NYSE: AVY) is a global leader in pressure-sensitive and functional materials as well as labeling solutions for the retail apparel market. The company’s applications and technologies are an integral part of products used in every major industry. With operations in more than 50 countries and more than 25,000 employees worldwide, Avery Dennison serves customers in the consumer packaging, graphical display, logistics, apparel, industrial and healthcare industries. Headquartered in Glendale, California, the company reported sales of $6.1 billion in 2016. Learn more at http://www.averydennison.com.
Wrapify pays America’s drivers to wrap their cars in marketing messages and uses GPS and other technologies to track their movements in real time for brands.This investment will help Wrapify expand our sales force, technology and operations teams, and reach the top 50 markets by year’s end.
Source: Tom Siebert / Cision