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Uber is joining the ranks of platforms expanding retail media offerings.
The mobility company announced on Wednesday that it will stand up a new advertising arm, and bring advertising to its ride experience.
Key details of Monday’s announcement:
Uber now has a dedicated advertising division. It will be led by Dr. Mark Grether, who was previously with Amazon Advertising and led the company’s ad-serving platform Sizmek.
Journey Ads are a new ad type being launched by the company that are designed to reach users during the ride. This expands in-app advertising across both Uber's ride and delivery services. Through this format, users will see ads in their Uber ride-hailing app while ordering a ride, and during the trip. The company said 40 brands have already run these ads, including NBCUniversal, Heineken and United Artists Releasing.
What it offers: Uber said it has an audience of 122 million monthly active users. With the Journey Ads, Uber said brands have 100% share of voice during a trip. Early results showed that riders were exposed to two minutes of ad content during trips. Between the lines, Uber ads come at a time when people are waiting, and checking the app. That’s a moment when a customer is “uniquely attentive,” Dr. Grether said.
”We have a global audience of valuable, purchase-minded consumers who, as part of our core business, tell us where they want to go and what they want to get,” said Dr. Grether, in a statement. “While these consumers are making purchase decisions and waiting for their destination or delivery we can engage them with messages from brands that are relevant to their purchase journeys. And with 1.87 billion trips last quarter, that means we can connect advertisers to consumers on average five times per month across rides and delivery.
A growing menu: The new format will be added to a network that also includes a variety of ads that are served in Uber Eats, which is the company’s delivery service. These include sponsored listings within the Uber Eats marketplace that elevate a brand’s placement on menus, checkout or the homepage.
Reaching across these two modes, Uber is in position to combine purchase and location data as it seeks to serve relevant ads for users. That’s the kind of first-party data that is making retail media a compelling offering for many marketplaces.
The advertising division is launching with a number of ad formats in its arsenal. These include sponsored emails for exclusive offers across both the ride and delivery sides, storefront ads that place CPG brands atop a virtual storefront and out-of-home Car Top Ads that reach users through screens on a driver’s roof based on location and time of day in several US cities. Uber is also set to pilot ads on in-car tablets in LA and San Francisco.
Here are a several more updates announced this week:
TikTok: Smart Performance Campaign
TikTok describes Smart Performance Campaign as its "first end to end automation solution that leverages machine learning to optimize for best performance and marketing goals. In order to reach the right people and maximize results, Smart Performance Campaign is designed to run performance campaigns at scale, while reducing the number of manual steps to drive results."
TikTok said all that's required to get started is a marketing objective, budget, country and creative assets.
Among the top potential beneficiaries: Advertisers who are new to TikTok, highly performance-oriented or businesses that don't have hands-on campaign management resources.
Google: Seasonal templates
As flagged by Search Engine Journal, Google has new seasonally themed ad templates that have audio and video for specific moments, including Black Friday-Cyber Monday, Hanukkah, Christmas and Diwali. Google will take creative assets such as images, logo and brand colors, then put together a video for the moment.
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This week's Dealboard has funding and M&A news from Yahoo, LVMH, boohoo and more.
This week, acquisition and investment deals unite leading lights in adtech, luxury jewelry and British ecommerce. Plus, startups creating new approaches to ecommerce stores, food delivery, snack bar production and engagement ring buying raise funds.
Here’s a look at this week’s deals:
Yahoo takes 25% stake in Taboola
With the 30-year commercial deal, Yahoo will receive a stake of above 25% of pro forma equity in Taboola.
“Yahoo is an internet pioneer, representing one of the largest, most trusted and most sophisticated publishers in the world,” said Adam Singolda, Founder and CEO of Taboola. “Everywhere I look, I see a rocket ship growth opportunity for both of us - native, eCommerce, Video, header bidding (display) and more.
Yahoo, an internet pioneer, was taken private by funds managed by affiliates of Apollo last year. Taboola, founded in 2007, provides many of the “Around the Web" and "Recommended For You" boxes found on web-based news articles.
LVMH acquires jewlery producer
LVMH acquired Pedemonte from the Equinox III SLP SIF investment fund. Terms were not disclosed.
Pedemonte was created in 2020 via the merger of several production houses, and has about 350 employees. LVMH said the acquisition will allow the company to increase capacity in the watches and jewelry division for its houses, which include Bulgari, Tiffany & Co. and TAG Heuer.
Boohoo raises stake in Revolution Beauty
The companies already have a relationship in which Revolution Beauty products are sold through several of boohoo’s DTC brand websites, and digital department store Debenhams.
The news came on the same day that Revolution Beauty announced the appointment of Bob Holt as CEO. Previous chief Adam Minto stepped down earlier this month amid an accounting investigation, and Holt was serving as interim CEO. Check back tomorrow for more on the appointment in On the Move, The Current’s weekly hiring roundup.
Torr Foodtech raises $12M for snack bar innovation
Torr Foodtech, an Israeli startup deploying a new approach to creating snack bars by deploying pressure and ultrasonic energy instead of sugary binders to ‘weld’ natural ingredients together, has raised $12 million in a Series A round as it expands partnerships with CPG firms and gears up to launch its own snack bar line, called Presteez. Food Navigator USA has the story.
Investors include Harel Insurance Investments and Financial Services and Mondelez International, according to Crunchbase.
Prado raises $5.75M for accessible meal delivery
The financing was led by Bonfire Ventures, with participation from Slauson & Co., January Ventures, Alumni Ventures, Bridge Investment Group and Supply Change Fund.
Prado offers a customizable toolkit aimed at serving local food and beverage businsesses that includes marketing, operations and sales solutions for both online and in-store transactions.
“Through personalized, affordable, and culturally relevant food options, we're bullish on leading the charge in transforming the health, economy and security of our nation,” said CEO Jon Carter, in a statement.
Wove raises $3.85M for custom engagement rings
(Photo via Wove)
The financing was led by Springdale Ventures, with participation from Outlander VC, Rarebreed Ventures, Context Ventures, VEIP – a veteran entrepreneur-focused investment vehicle launched by PenFed Foundation – WPMC and Early Light Ventures.
Founded in 2021 by former Army Rangers Andrew Wolgemuth and Brian Elliott, Wove helps newly-engaged couples build replicas of engagement rings online, then delivers the genuine article to try on.
"At Wove, we listen to our clients' preferences, and are launching unique features to serve them well beyond our custom at-home try-on experience," said Elliott, in a statement. "We have successfully created a curated design process where we match couples with a world-class in-house jewelry designer, who specializes in their aesthetic, to co-design a customized ring made with high-quality diamonds and 100% sustainable materials."
Popup raises $3.5M for no-code ecommerce stores
The pre-seed round was led by Accel, with participation from Seedcamp, 20VC and angels including former Shopify CMO Jeff Weiser and Hopin CEO Johnny Boufarhat.
Founded in 2021 by Shopify alums Corey Holmes and Matteo Grassi, Popup aims to make building an ecommerce store and personalized shopping experiences like landing pages and ads a matter of “drag and drop” for entrepreneurs. Available in beta, the startup expects to launch the platform in general release in 2023.