NewSpring Invests in Leading Digital Media Marketing Company
November 09, 2017
Radnor, PA - November 9, 2017 - NewSpring (the “Firm”), a family of private equity funds, announced today that NewSpring Growth Capital ("NewSpring"), the Firm’s dedicated growth and expansion stage fund, has closed a $25.0 million equity investment into Intersection Holdings, LLC (“Intersection” or the “Company”). The investment was part of a $150 million funding round. Proceeds will be used to bring the highly-successful and fast-growing Link product and other smart city technologies to cities and transit systems around the world, accelerate the digitization of its existing media asset network in top U.S. DMAs, and develop the next generation of its technology platform.
Founded in 2015, Intersection applies digital technology to the physical world to improve the experience of public space. Its unique and successful business model funds innovation through advertising, providing opportunities for brands to reach audiences with “physical native” advertising, driving relevance and engagement through real-world and real-time context. This investment builds on the groundbreaking success of the Link network, including LinkNYC, InLinkUK, and the recently-announced LinkPHL in Philadelphia, as well as Intersection’s IxNConnect transit platform, powering products such as the On-The-Go kiosks in the MTA transit system in New York City and transit information kiosks for the Southeastern Pennsylvania Transit Authority.
“We believe in the transformative power of technology to elevate the urban experience - delivering benefits like free internet connectivity, real-time information, localized content, and civic services - as Link has done on the streets of New York City and London,” said Ari Buchalter, CEO of Intersection. “We are incredibly excited to be joined by a visionary group of investors to help propel our technology leadership position in the smart cities and digital media spaces.”
“Intersection has created a unique product and is working toward accelerating its distribution on a global scale,” said Marc Lederman, NewSpring General Partner. “We are excited to partner with the Intersection management team as they expand into additional markets and continue to utilize their revolutionary technology to transform the everyday experience of people on-the-go.”
As part of the investment, Marc Lederman will join the Intersection Board of Directors.
Intersection has over 600 employees and is headquartered in New York City. The company has eight offices in the U.S. and a network of products deployed in Chicago, Charlotte, Dallas, Houston, Minneapolis, New York, Philadelphia, Pittsburgh, New Jersey, San Francisco, Seattle, and London.
Intersection is at the forefront of the smart cities revolution, improving the experience of public places through technology that provides connectivity, information, and engaging content and experiences. With award-winning products like LinkNYC, the largest and fastest free public Wi-Fi network in the world, Intersection connects the digital and physical worlds, enhancing people’s journeys through their cities and offering brands the opportunity to drive more relevant and engaging advertising, rooted in real-world context. Intersection partners with cities, transit systems, airports, and real estate developments around the globe, as well as advertisers seeking to reach audiences on a global, national, or local scale. For more information, visit www.intersection.com.