Scottsdale, Arizona-based Digital Caddies Inc., which provides on-course delivery of technology services and content to golfers, announced the final closing of the previously announced equity funding with Paulson Investment Company Inc., a boutique investment bank specializing in small- to mid-cap technology investments, for a total of approximately $4.1M USD.
Digital Caddies has installed its system on approximately 5,000 golf cars across the U.S. The company was founded in 2003 and established a solid reputation and loyal customer base by providing a low-cost, user-friendly GPS service to golf courses. The company transitioned to a new business model, which provides courses and golfers with a tablet-based navigation system and advertisers with a content platform that is wirelessly connected to the Internet and installed on golf cars.
In March 2014, the company announced the network was generating advertising impression inventory at a run rate of over 100 million per month, which outpaced management’s initial expectations. This better than expected performance immediately resulted in agreements with numerous mobile advertising networks who are now working with Digital Caddies to fill the ad inventory with relevant, premium ad units targeted to The Players Network audience. It has agreements with Nexage, Rhythm New Media, DoubleClick by Google and an unannounced major mobile media company.