Outdoor media firm secures £400k funding
Open Outdoor Media has received a £400k investment from MSIF’s North West Business Growth Fund.
MSIF, previously known as Merseyside Special Investment Fund, is supported by the British Business Bank.
It previously supported Open back in 2015 when it specialised in taxi-top digital display screens. The £80k was part of a £245k funding package to support research and development.
Since then the company has moved into digital screen advertising, owning Liverpool’s largest digital portrait screen which launched in July. This was followed in November, with 2 further sites near Old Trafford and Wembley.
“I’m really happy MSIF were able to support Open Outdoor Media. It’s great to see how the business has evolved to suit the clients’ demands, and how Mike was able to change the business strategy to suit their needs,” explained Paul Humphray, MSIF investment director.
“The static sites have proved to be a great success so far, and the two new screens - in such prime locations – this should only boost the strong demand the business is currently receiving.”
Less than a month ago, Open secured a £1m funding facility from Bibby Financial Services.
“I am super proud of what Open has achieved in the last 12 months and to add these two premium locations to our portfolio is very exciting. Our strategy is to concentrate on the quality of location over quantity. Our goal is to be in every key city in the UK by 2020, and by having the support of MSIF and the best team around me I am certain that this goal achievable,” added Mike Smith, Founder of Open Outdoor Media.