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Abu Dhabi-based International Holding Company's subsidiary, Multiply Marketing Consultancy (MMC), acquired a minority stake in rideshare and taxi ad start-up Firefly for an undisclosed amount.
The pair are also planning to expand San Francisco-based Firefly's operations to the Middle East “through a joint-venture office based within MMC’s headquarters” in the emirate, IHC said in a statement on Sunday to the Abu Dhabi Securities Exchange, where its shares trade.
Founded in 2017, San Francisco-based Firefly has digital advertising boards that sit on top of taxis and ride-sharing vehicles. The company has been backed by investors such as Google Ventures, NFX and Stanford University’s StartX Fund.