Wrapify, an innovative startup that pays everyday drivers to cover their cars with advertisements, has recently acquired a massive $3 million in funds. The company, which is based in San Francisco, received the funds from Avery Dennison, a global manufacturer of adhesive materials.
According to TechCrunch, Avery Dennison also manufactures the wraps that Wrapify uses for all of its cars. The well-known adhesive manufacturer already provides Wrapify with "exclusive access to new adhesive wrap technology" such as wraps that are easy to install and remove.
Now that Avery Dennison is on the cap table, the adhesive manufacturer might now have enough incentive to keep investing in wrap technology, which in turn will help Wrapify to "operate more efficiently." Wrapify will use the $3 million fund for its sales and engineering teams. The company will also "build out more features" of its brand-facing portal.
Brands who have signed up for Wrapify's revolutionary services already have access to the number of cars that show their ads, the routes the cars take daily, and estimates on the number of impressions their individual campaigns are receiving. The statistics presented to the brands are delivered to Wrapify via software running on the phones of all drivers take are actively taking part in ad campaigns.
Similar to Uber's "virtual phone-based 'meter' to track rides," Wrapify uses a similar tracker to figure out where and when its cars are currently on the road. Interested drivers can now sign up for Wrapify in 29 U.S. cities. An estimated 42,000 drivers have also signed up for Wrapify.
Wrapify launched in 2015, per The San Diego Union-Tribune. Signing up for Wrapify is easy, and drivers only have to agree to coverg their own cars with a brand advertiser's message. Wrapify rose to fame thanks to its one-of-a-kind formula for computing the number of individuals who see brand ads while cars that have signed up for the program are on the road.
Wrapify is an ad-tech company run by a staff made up of 19 people. James Heller, Wrapify CEO, said, "Avery Dennison has been supporting Wrapify pretty much from day one." He added, "Not only are they a supplier of the film we apply to these vehicles... but they've really just helped us grow the business."