Beta Ventures has led a seed funding round in a Lagos based advertising technology startup, TaxiTV. The amount of the fund invested in the in-ride entertainment system startup is undisclosed. TaxiTV was founded in October 2017 by Akinbola Asalu, CEO, and Dami Osiyale, COO.
TaxiTV go about their advertising by providing advertising channels for corporate brands and SMEs through screens inside Taxify, Uber and other ride-hailing services. The contents to be advertised are displayed to passengers during a ride.
Currently having an advert screen in over 100 cars already, TaxiTV intends to use the newly raised seed funds for further product development, achieving scale and improving sales execution. According to their model, content creators are paid a share of the revenue, while drivers are also paid a part.
Their ads (which are mostly fixed inbetween entertaining content) would be better optimized if the company can hack personalization of the ads. Where riders would get to see adverts of products that they are interested in.
There are other backers in the round and some of them include, Collins Onuegbu of SASWARE, Sam Senbanjo of Neon Ventures and several other prominent individual investors..