Spanish multinational TAPTAP reinforces its international expansion with the support of COFIDES.
- COFIDES grants a total of 645,000 euros to consolidate the commercial implementation of TAPTAP in LATAM.
TAPTAP, the Spanish leader in advertising technology, will have the financial backing of COFIDES for its commercial expansion in Chile and Colombia.
COFIDES has granted two co-investment instruments, both from its own resources (25%), and FONPYME (75%). For the TAPTAP subsidiary in Colombia, COFIDES will provide 485,000 euros, along with the developer’s contribution, for a total of 693,000 euros. Apart from that, COFIDES will grant 160,000 euros for the subsidiary in Chile, a project that entails a total investment of 200,000 euros.
TAPTAP Networks of Madrid, founded in 2010 and whose activity is cultivated through its own technology and Sonata platform, offers advanced digital advertising solutions based on mobile data intelligence to global advertisers. The company is capable of offering large-scale ads with maximum affinity and relevance based on demographic characteristics, physical and digital face-to-face behavior and contextual environment. In this way, advertisers and agencies manage to gain efficiency and effectiveness in advertising campaigns in digital environments.
The TAPTAP group is in the middle of a global expansion phase. In recent years, it has followed a strategy aimed at consolidating and expanding in the Americas, where it is directly or indirectly present in its entirety through commercial subsidiaries in Colombia, Chile, Peru, Mexico and the United States.
Colombia is one of the countries in the region with the most potential for growth in digital advertising because it offers a new window for advertisers, has much more affordable costs than traditional advertising and also has a much faster return on investment than other channels.
Given the potential of the Colombian market, TAPTAP has been present in Colombia since 2014, with a commercial office in Bogotá.
In Chile, it’s been observed that the digital advertising sector is in full growth, and therefore TAPTAP also aims to lead the business there. TAPTAP has been present in Chile since 2015, with a commercial office in Santiago de Chile, running advanced advertising campaigns with clients of media agencies with which it also works in Spain and other markets.
After signing the financing agreement, the president of COFIDES, Salvador Marín, highlighted the importance of supporting the international growth of Spanish SMEs given that “This consolidates their position in Spain, as well as their competitiveness, generating employment both locally and abroad.”
The CEO and founder of TAPTAP, Álvaro del Castillo, in turn points out the opportunity presented by Latin American markets for Spanish technology companies offering innovative solutions in naturally expanding markets. “The global Spanish-speaking market is a massive and sophisticated market. It has more than 600 million people where economies of scale are considerable.”
ABOUT COFIDES: COFIDES is a public-private partnership that since 1988 offers financial support to the investments of Spanish companies abroad, exclusively managed by the FIEX and FONPYME funds on behalf of the Ministry of Commerce, affiliated with the Ministry of Economy, Industry and Competitiveness. Its shareholders also include Banco Bilbao Vizcaya Argentaria (BBVA), Banco Santander, Banco Popular, Banco Sabadell and CAF-Banco de Desarrollo de América Latina.
ABOUT TAPTAP: TAPTAP, an independent company founded in 2010 and invested in by the venture capital fund Nauta Capital, is present in 9 markets in Europe and America. TAPTAP created the platform Sonata, which provides advertisers and global agencies with audience geo-contextual segmentation, activation of dynamic campaigns and access to global advertising attribution models that include the physical and digital world. For more information, contact firstname.lastname@example.org or visit www.taptapnetworks.com.