Singapore-based EatAds has secured more angel funding from Crystal Horse Investments, their original backers, along with some angel investor backing.
Founded in February 2011, EatAds is the brainchild of entrepreneur John Fearon and a marketplace for the buying and selling of outdoor advertising space in Asia and Europe. EatAds is currently preparing to raise the next round of funding of SG$600,000 (US$493,000). The traditional ads marketplace has listings in 16 countries, including the US and the UK.
Along with the fresh round of funding, the online marketplace has also brought on board two new co-founders – Dhruv Sahgal and Nigel Hembrow. Sahgal, who worked at Royal Bank of Scotland, joins the company as business operations lead, while Hembrow, formerly at e-billing startup GreenPost, will head up product development.
The revamped EatAds crew believes that the offline ads market is riddled with inefficiencies and is really hard for businesses to navigate. Hembrow points out that there’s “60 per cent occupancy in outdoor advertising in India,” so it’s clearly a broken system. Sahgal adds here, “Around Asia, many people don’t know how to buy billboards, who to contact, and what are the prices – there are too many barriers. And in addition, we are making it much easier for traditional buying agencies to serve their clients.”
The website is free-to-list, and in a departure from the original product, does not take any commission from media owners. Instead, it plans to earn through preferred listings, website ads, and enterprise tools. While it lists properties in 16 countries, the focus is on four countries – India, Philippines, Thailand, and Indonesia.