Taiwan digital advertising group funP Innovation has just raised US$3.12 million in the first closing of the latest fundraising round from a Foxconn subsidiary, Ennoconn.
CacaFly, a digital advertising sales and consulting agency and a subsidiary of funP, will help Ennoconn to integrate digital advertising, data analytics, and cloud computing with Ennoconn's industrial computing and retail hardware solutions, according to funP Group co-founder and CSO Brian Yang.
The funds raised from Ennoconn will also be used to develop and roll out local smart retail and cloud-based solutions for the Indonesian market through a partnership between subsidiary cacaFly and Ennoconn.
Solutions targeted for Indonesia include smart-vending machines and programmatic digital out-of-home (pDOOH) advertising. All solutions will be developed and rolled out locally in Indonesia.
The company launched a joint venture in June 2022 with Indonesian digital solution and electronics distributor Metrodata Electronics to form a data-driven digital marketing agency for the local market, named cacaFly Metrodata Indonesia (CMI).
FunP has already a strong presence in the digital advertising sector in Indonesia, where its subsidiary TenMax worked with Gojek.
TenMax, funP's other subsidiary responsible for developing marketing AI software, also opened an Indonesian office in 2022, after developing an one-stop retail media solution, Gojek Ads Network (GoGAN) for Gojek.
FunP is now looking to partner with more retailers and businesses in Southeast Asia, including Singapore, Vietnam, and Thailand to help them monetize data and develop their own retail media networks (RMN). Yang added that another major partnership is under discussion and would be revealed in the coming months.