Zoom Media raises $30 million US
Zoom will use the dough to expand its digital OOH network.
Montreal-based Zoom Media just announced that it has raised $30 million US through the sale of a minority equity position in the company to Baltimore-based ABS Capital Partners, a later-stage growth company investor. The proceeds will be used to continue to expand Zoom’s digital OOH networks.
‘Digital trumps everything and given the sea change occurring in media, this is the ideal time to expand our digital offerings,’ says François de Gaspé Beaubien, chairman & CEO of Zoom Media, in a release. Zoom operates digital media networks in more than 2,500 venues including resto-bars and fitness centres across Canada. It also has static indoor billboard advertising in more than 8,000 venues across North America. It recently revamped its website in order to reflect its growing digital interests.
‘With this partnership we can now expand our existing sizable digital base and offer our advertisers a comprehensive and seamless digital strategy for reaching targeted lifestyle audiences across multiple venue categories,’ states Andy Querin, president of Zoom Media Canada. ‘Clearly, we also intend to focus our attention on acquisitions which would enable us to offer our advertisers additional media or marketing solutions and even greater coverage.’