Jakarta. Advertising startup company StickEarn has secured $1 million in seed funding from venture capital firm East Ventures to acquire new talent and increase existing research and development efforts.
StickEarn connects car owners or drivers to advertisers. Drivers get paid per kilometer for driving in specific areas chosen by advertisers while adorning specific advertisements on their vehicles.
"StickEarn has two important goals outside of making profits. We want to provide our clients with access to a more effective and measurable advertising platform. StickEarn also aims to empower our partners (drivers) by providing them with additional income," StickEarn co-founder Sugito Alim said in a statement today.
The company has around 250 cars, not including partners' cars, he said. Advertising cost starts at Rp 1 million ($74) per car for 30 days.
Traditional billboard ads cost at least Rp 250 million for a single location.
StickEarn was launched in January 2017 and "in a short span of less than a year, it has worked with 50 companies and tens of thousands of drivers have become our partners," another StickEarn co-founder, Archie Carlson, said.
Grab, Tokopedia, Traveloka and Shopee are among companies that have worked with StickEarn.
The four founders of StickEarn — Garry Limanata, Sugito Alim, Hartanto Alim and Archie Carlson — decided to start the company after observing that vehicle advertising, while prevalent in other countries including neighboring Singapore, is non-existent in Indonesia.
In addition, Indonesia's roads are packed with vehicles everyday, with citizens spending an average of two hours a day on the road.
In Jakarta, around 35 percent of its population are commuting on the road at any given time of the day.
Willson Cuaca, the managing partner of East Ventures, said StickEarn helps advertising companies measure the impact of offline promotion using online tools.
"StickEarn has enormous potential. It has a fresh business model and the founders have a clear vision on how to develop the company," Willson said.
As of November 2017, StickEarn already operates in 14 major cities across Indonesia: Jakarta, Bandung, Surabaya, Solo, Yogyakarta, Semarang, Palembang, Malang, Padang, Medan, Bali, Makassar, Batam and Pekanbaru.