Wrapify, a San Diego-based technology-powered car wrap company, secured $3m in venture capital funding.
The investment was made by Avery Dennison Corporation (NYSE: AVY). The deal came as Avery Dennison and Wrapify have been working together to develop a vehicle-wrapping film technology suited for Wrapify’s needs, a short-term, easy to install and remove film for the transit oriented out-of-home advertising industry.
The company intends to use the funds to expand sales force, technology and operations teams, and to accelerate its footprint in leading cities around the U.S.
Led by CEO James Heller, Wrapify pays drivers to wrap their cars in marketing messages and uses GPS and other technologies to track their movements in real time for brands. The platform has been used by brands including Bud Light, eBay, Lyft and Petco.
Wrapify is currently in 29 US markets with more than 40,000 registered drivers.