Wrapify Receives Capital Investment from Avery Dennison
Thursday, March 09, 2017
Press release from the issuing company
Investment Expected to Accelerate Wrapify’s Expansion in U.S. Market
SAN DIEGO, CA - 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, Senior Business Director, Avery Dennison Graphics Solutions 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.”
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