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Marketing start-up LUMOS raises $800,000 in pre-Seed round to turn gig economy riders into ads

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Sydney-based martech startup LUMOS has raised $800,000 in an oversubscribed pre-seed round as it appears to be hitting a new niche in the ad industry.

The raise was supported by Claremont Capital, Dorcas Capital and angel investors including Imprint Capital Partners partner Curt Shi, Beames Capital partner Hugo de Jong, Metagrove Ventures managing partner Barry Winata and the Trampoline Syndicate, led by Matt Perkes and Abraham Robertson.

LUMOS enables brands to promote themselves in a new style of out-of-home (OOH) advertising via gig economy drivers with IoT-enabled digital billboard backpacks.

The startup will use the money to further scale its Australian footprint, develop its data-driven ad reporting capabilities and roll out more IoT-enabled advertising solutions to deliver targeted physical and digital advertising.

Founded in 2020, with its minimally viable product launched in early 2022, LUMOS co-founder and CEO Eric Fan said the platform is enriching OOH advertising with digital retargeting and advanced audience analytics to create a new immersive and data-driven marketing environment for brands.

“We currently partner with more than 20 well-known national and international brands and agencies of all sizes, enabling them to attract, retain and create customer interests using our affordable and competitive solution,” he said.

“LUMOS makes scalable and impactful marketing accessible to all brands, as our platform significantly lowers the barrier to entry, expands opportunities for all brands and increases their advertising reach.”

Fan said the received overwhelming support from investors.

“LUMOS was born while we were still in the midst of an economic downturn and companies were forced to reimagine the capabilities of innovative and disruptive technologies like ours to stand out more,” he said.

“The amazing investor support we have received is a real testament to the global market opportunity for our innovative martech platform in Australia and beyond.”

Metagrove Ventures founder Barry Winata said the advertising industry has long been “quite traditional and outdated.”

“But it’s now finally being disrupted by Lumos using technology and logistics to create a new paradigm for this space,” he said.

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