IndoorDirect, an Addison, Texas-based out-of-home media network for the fast food and casual dining markets, has raised $22.5 million in Series B funding. Syncom Venture Partners led the round, and was joined by Northwood Ventures and Poseidon Enterprises. Challenger Capital Group served as placement agent.
PRESS RELEASE
Challenger Capital Group, Ltd., a Dallas-based full-service investment bank, announced today that it has secured $22.5 million of Series B and Series B-1 preferred equity to fund the mass rollout of Indoor Direct, Inc.’s (“IndoorDIRECT”) digital media network to over 1,000 locations nationwide. Syncom Venture Partners led the investment and was joined by Northwood Ventures and Poseidon Enterprises.
IndoorDIRECT, headquartered in Addison, Texas, and founded in 2006, is a dynamic digital out-of-home media network that reaches fast food and casual dining customers via its two proprietary in-restaurant networks. IndoorDIRECT provides restaurant partners with a tool to increase sales and cut costs, and provides advertisers with a medium to reach targeted consumers who are in-action and engaged. IndoorDIRECT currently has over 400 locations installed in top DMAs nationwide, and proceeds from this transaction will be used to increase the footprint to over 1,000 locations nationwide.
“Challenger was critical to helping us realize this important step in the evolution of our company,” said Fred Margolin, CEO of IndoorDIRECT. “The Challenger team went the extra mile to secure this funding with top-quality partners in a challenging financing environment, and we are pleased with the end result. Now we look forward to the future growth of our company while realizing significant value for our shareholders, restaurant partners and media customers.”
“This transaction represents a significant growth catalyst for IndoorDIRECT, and Challenger is proud to have served as the company’s financial advisor and placement agent,” said Jeff Milkie, Challenger Director and lead banker for this transaction. “We believe in IndoorDIRECT’s vision and are impressed with the strength and depth of their management team. We look forward to the company’s future growth and development via this partnership with top venture and strategic partners Syncom, Northwood and Poseidon.”
“Challenger is very pleased to complete this transaction for IndoorDIRECT. While availability of capital in today’s market is constrained, we believe that well-positioned companies, such as IndoorDIRECT, will continue to attract capital,” said Mike Burr, Challenger President.
Haynes and Boone, LLP, led by Jason Barnes, provided legal advice to IndoorDIRECT.
About Challenger Capital Group
Challenger Capital Group, a full-service investment bank with offices in Dallas and Chicago, has an impressive transaction resume that draws upon experience from a wide spectrum of industry sectors. Challenger’s industry expertise includes transactions in the consumer products, industrial products, food service, retail, energy, entertainment, healthcare, media, natural gas, oilfield service, publishing and telecom sectors. For more information, please visit www.challengercapitalgroup.com.
About IndoorDIRECT
IndoorDIRECT is a dynamic digital out-of-home media network that reaches fast food and casual dining customers via its two proprietary in-restaurant networks. IndoorDIRECT provides restaurant partners with a tool to increase sales and cut costs, and provides advertisers with a medium to reach targeted consumers who are in-action and engaged. IndoorDIRECT has a wide selection of content and its own proprietary wrap-around show “The BITE”. For more information, visit www.indoordirect.com.
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