A Kiwi company wants to raise nearly $7 million to tackle the US sports sponsorship market.
DROPIT's app allows sports fans to bid for luxury cars and motorbikes in rapid fire auctions playing through mobiles and on scoreboards at stadiums.
It was launched by Mt Maunganui brothers Peter and Brendan Howell. Users participate in mass engagement auctions which last for 60 seconds.
Michael Blennerhassett, a non-executive director of DROPIT, said the company wanted to raise raise US$5 million ($6.75m).
The fundraising would help put the company in a strong position to execute on its US expansion strategy.
DROPIT earlier this year signed a distribution deal with Daktronics, a manufacturer of electronic scoreboards and digital signage.
"Our venues and teams are hungry for interactive content, and DROPIT offers an ideal opportunity to better engage with fans, given the quick breaks in action during games," said Daktronics commercial sales engineer Josh Howardson.
"The DROPIT platform can easily be integrated across hundreds of professional and collegiate global venues, and we are excited to partner with DROPIT to bring a game-changing experience to fans."
DROPIT says fans are disengaged with traditional scoreboards and tend to be distracted by their phones. DROPIT aims to bring brand engagement back into the fore by combining smartphone use with stadium theatrics.
"Advertising on big screens in stadiums is failing to deliver on its potential. Fans are disengaged, distracted by their phones, and match attendance levels are stagnating," says Peter Howell.
"Our DROPIT platform delivers fan engagement and immersion: creating pre-event anticipation and excitement followed by an 'adrenaline-pumping' reverse auction in-stadium experience multiple times during breaks in games.
"These live, reverse auctions run simultaneously on the stadium's video board and the fans' mobile phones. Engagement continues post-game with exclusive, targeted brand offers delivered to players' mobile phones post-auction, driving fans from seats to stores, increasing brand loyalty and return on sponsorship for major consumer brands."
Following in-stadium sport sponsorship, the brothers will look to shopping malls as a further area of focus.