Avery Dennison Corp. Makes $3M Investment in @Wrapify
The packaging supplies giant Avery Dennison (NYSE: AVY) has invested USD 3 million into Wrapify Inc., the San Diego startup that compensates drivers for wrapping their cars in a temporary adhesive film printed with advertisements.
James Heller, founding chief executive of Wrapify was quoted as saying “Avery Dennison sees the promise in what we’re building. We’ve been working with them since the very beginning.”
Automotive wraps are used by businesses, individuals and even the military to alter a vehicle’s exterior color without paint. The global market value of these so-called ‘car wraps’ hit roughly $909 million in 2014, according to a report by Grand View Research Inc., an investment research and consulting agency based in San Francisco. That figure will swell to more than $4.2 billion by 2022, the firm predicts.
Bill Podojil, Avery Dennison’s Graphics Solutions Sr. Director North America said “Avery Dennison prides itself on identifying the most exciting and innovative new ideas and businesses in our category, and Wrapify is a standout. We’re impressed by its concept, its product, its team, and its significant success in less than two years. We see this as a great opportunity to extend our leadership in car wrapping.”
The investment comes as Avery Dennison and Wrapify have been working together to develop a vehicle-wrapping film technology best-suited for Wrapify’s needs: a short-term, easy to install and remove film for the transit oriented out-of-home advertising industry.
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