Zug/Berlin-based digital advertising network Hygh has raised €21.5 million in a hybrid debt and equity funding round. The company currently has 1,800 displays in place in seven major cities across Germany, and as part of the funding aims to ramp this figure up to 15 cities. Additionally, the company says it will continue scaling existing networks in Germany, Austria, and Switzerland (DACH region), and plans on entering new European markets.
Hygh’s €21.5 million in debt and equity funding was provided by UK-based Sparta Capital Management. Since early 2019, Hygh has raised a total of €31.5 million, and existing backers include 10x Value Partners. According to a statement released by they are now valued in the mid-eight-figure range.
"Digital out-of-home is booming and has gained significant market share in the media mix. Digital out-of-home is the medium of the future and the way out of the advertising crisis. We are proud to have found a partner who shares our vision and supports us in our growth," commented Hygh CEO Lauritz Elmshäuser. "With fresh institutional capital, we are well-equipped to achieve our ambitious goals and set new standards in digital out-of-home marketing."