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Private equity investors are acquiring Tampa-based Nickelytics as the advertising technology startup prepares to capitalize on the momentum it’s built in the mobility sector with rideshare apps like Uber and Lyft.
Nickelytics plans to add to its business development team and scale to international markets with the backing of T72 Club, a Dallas-based hybrid private equity firm and holding company, according to Founder Judah Longgrear.
The terms of the transaction were not disclosed, but Longgrear said he will continue in his role as CEO and that Nickelytics’ 12 employees will remain intact.
Before T72, the startup had raised just under $1.5 million with California-based venture capital firm BDev Ventures and through two rounds with investors on the crowdfunding platform Republic.
Nickelytics surpassed the $1 million in annual recurring revenue target and is positioned to double its revenue this year, according to Longgrear.
“You get to a certain point and ask ‘what’s next,’ and the chemistry with T72 just made a lot of sense,” Longgrear said.
Part of the investment will support Nickelytics’ expansion into the digital rooftop advertising space and allow the startup to bring its printing production in-house, but the main focus is building on autonomous robotics partnership wins, Longgrear said.
Nickelytics is connecting brands with emerging technologies in the mobility sector, including autonomous vehicles, an area of the market where Longgrear sees momentum building.
Most recently, Nickelytics scored a partnership with Kiwibot, an autonomous robot service for food and package deliveries, Longgrear said.
Nickelytics owes the greater part of its success thus far to its platform that allows gig economy drivers and brand ambassadors to launch and manage ad campaigns, he said. Longgrear, who previously founded a rideshare app in 2017, said mobility companies face significant challenges scaling their own advertising platforms.
“I tried. You can’t do both; it’s just very hard to do,” he said.