BookAdSpace receives angel funding

Mumbai-based company BookAdSpace has announced that it has received an undisclosed sum in funding from independent angels Aakrit Vaish and Miten Sampat. The funding announcement comes along with the release of the new improved platform, which is full service cloud based inventory and business management software for out-of-home media owners and agencies. The funds will be used for product development, hiring, sales and marketing. The company has been previously backed by incubator Morpheus as part of their batch 7 that graduated in May 2012.

BookAdSpace was founded in January 2012 by Prayaag Kasundra, who was previously running Simform Solutions, an offshore software services company based in Ahmedabad. “The offline media space is extremely unorganised, media owner are facing lots of difficulties due to that”, said Kasundra, who moved to Mumbai earlier this year. “Mumbai is one of the biggest media markets not only in India, but also the world, so it made sense for us to be here. Now the focus is to get widespread adoption of our offerings across the OOH media community,” he added.

Investors Aakrit Vaish and Miten Sampat are from the digital advertising space, with stints in Silicon Valley in the US. Sampat is still based there and sits on multiple committees of the Interactive Advertising Bureau (IAB), while Vaish moved to India in 2011 to start and run the office here for Flurry, the mobile analytics and advertising company. “Aakrit and Miten both have great experience in the digital advertising domain, and we hope to leverage that to bring the same level of sophistication to the offline media world,” added Kasundra.

The BookAdSpace platform provides workflow based tools for media owners ranging from managing inventory and availability to proposal, booking, installation and billing/ invoicing. It also provides tools for media buyers including campaign and media.