AdverCar, the former New Orleans startup that lets drivers earn money by putting ads on their cars, has raised a $2 million seed round.
The funding was led by Canaan Partners, with participation from 1-800-Flowers, Branford Castle Private Equity, New Orleans Startup Fund, Jit Saxena, and the TiE Angels Boston. 1-800-FLOWERS CEO Jim McCann and Canaan partner Deepak Kamra joined adverCar’s board of directors.
The company was co-founded by CEO Neil Turner, formerly the Chief Strategy Officer at iSeatz and funded in part by local financiers like the New Orleans Startup Fund. AdverCar.com pays drivers to put advertisements on the front, back and sides of their personal cars.
Turner says it charges advertisers around $280 for a month long campaign, which is apparently the same price as advertising on a cab. The company says it has already worked with dozens of advertisers and more than 5,000 drivers.
AdverCar pitched last year during New Orleans Entrepreneur Week at Power Pitch, an invite only pitch competition, where it won first place. The company is now based in San Fransisco.