Following a $14.9 million investment in Firefly, IHC’s Multiply Group will be co-launching a venture with the US startup.
Abu Dhabi-based International Holding Company (IHC)’s subsidiary, Multiply Group, is launching a new joint venture with Firefly, a US rideshare advertising startup. The new project will be based in Abu Dhabi as well, and will bring dynamic advertising in ridehailing cars and taxis in the MENA region. The joint venture was announced after Multiply Group invested $14.9 million in Firefly.
Last May, Multiply Group had acquired an undisclosed stake in Firefly, making this the latest step in an already established relationship. “Through this investment, we are reinforcing our commitment to bringing innovative, tech-enabled marketing strategies to the MENA region,” said Samir Bouazza, the CEO of Multiply Group.
Currently, Firefly operates in cities across the US with taxi companies and ridehailing drivers to install advertisements on their cars through screens that deliver content based on GPS-enabled triggers