Hanger Network (hangernetwork.com), the innovative in-home media company behind EcoHangers(TM), the environmentally friendly hangers which replace common wire hangers used in laundered/dry cleaned shirts, announced the close of an $8 million round of venture capital financing.
Kodiak Venture Partners and Sigma Partners co-led the round, which will help the company grow its sales force and attract additional brands to its stable of clientele who advertise to consumers through the EcoHangers(TM), which include L’Oreal, Dunkin Donuts and Revlon.
Hanger Network delivers in-home marketing through a proprietary network of 35,000 drycleaners in the US. This offers advertisers a potential weekly circulation of 52 million, covers all 210 DMAs, and has a 100% view rate at a fraction of the cost of a postage stamp.
Advertisers can create programs regionally, nationally and by gender, and can include samples, coupons and advertisements. At a time where thanks to innovations like Tivo, DVR and Satellite Radio have limited broadcast advertising’s effectiveness, more major brands are looking to utilize in-home media solutions like EcoHangers(TM) to directly reach consumers.
“As a new media company, Hanger Network is unique in that it not only provides a completely untapped opportunity for brands to reach consumers but also already has an established distribution channel to do so,” said Chip Meakem, General Partner at Kodiak Venture Partners. “We feel that with this investment, the company will no longer be the best kept secret for companies looking to reach consumers in their homes.”
EcoHangers(TM) replace common wire hangers used in laundered/dry cleaned shirts. EcoHangers are made from 100% recycled paper board, and are biodegradable and recyclable. Unlike wire hangers, EcoHangers greatly reduce the natural resources used in the manufacturing and disposal of dry cleaner hangers. With three billions wire hangers used in the United States per year, EcoHangers can have a major environmental impact reducing both the consumption of resources and landfill waste caused by wire hangers – which create over 200 million pounds of landfill waste per year.
About Hanger Network
Founded in 2004, Hanger Network is a partnership between Texas Pacific Group’s Altivity Packaging, Paradigm Packaging a subsidiary of The Standard Group and the nation’s largest supplier to dry cleaning stores, Cleaner’s Supply, Inc., adding propriety distribution to its 35,000 dry cleaner customers.
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