Pictured: Enda Murphy, Managing Director of Airserv
AirServ, the company which runs bespoke radio stations for retail outlets and shopping centres, has successfully raised €20,000 in online funding through Linked Finance, Ireland’s largest crowd lending platform.
The funds will be used to expand the company’s in-store radio network, which currently delivers tailored point-of-purchase radio across 130 retail centres such as Jervis Shopping Centre, The Ilac Centre and The Square Tallaght as well as 120 Topaz service stations. Between them, they have a combined weekly audience of 2.25 million listeners. Advertisers that have used the in-store network include the likes of Carphone Warehouse, Specsavers, Cadbury’s, Sky TV, Tesco, Bank of Ireland and Universal Music.
Following three years of organic growth, Airserv’s managing director Enda Murphy says it is now time for the company to grow at a more ambitious rate with the Linked Finance funding helping it to capitalise on growing opportunities in the market. He adds that the company is currently at advanced stages of negotiations with additional shopping centres and grocery retail outlets with talks also underway with large retail locations in the UK.
“We’ve gone from strength to strength since launching back in 2012, building up an extensive network of bespoke radio stations. Key to our success has been playing great original artist music that helps advertisers to reach consumers more effectively and in a more targeted way while they’re in active shopping mode. This significantly increases the impact of advertising and enables brands to stand out from the crowd. At the same time it provides retailers with highly tailored music programming that’s much more in tune with their customer demographic,” says Murphy.
Commenting on the funding raised for AirServ, Peter O’Mahony, CEO of Linked Finance states: “We’re delighted to be partnering with Enda and his team. AirServ is a great example of how a company with a strong business model backed up by a team of hard-working and passionate professionals can achieve tremendous results. This type of drive and commitment shown by SMEs across the country is the very backbone of our economy.”
“SMEs in Ireland are clearly now in growth mode and the economy needs these businesses to thrive as we recover fully. A key part of that recovery is access to reliable credit on good terms and available quickly. While banks are the traditional source of funds, businesses need a quicker turnaround and easier process than what the banks usually offer. Crowd lending bridges that gap and brings the added advantage of creating a community of active investors in Ireland’s recovery,” he says.