Leading global podcast company Audioboom Group has raised £1.5 million through a shares subscription.
The listed platform raised the equity funding through the subscription of 115,384,670 new ordinary shares at a price of 1.3 pence per share.
It intends to use the money to secure new and existing established podcast content.
Audioboom almost doubled its revenues in 2018, growing them 92 per cent to $11.7 million in the 13 months to December 31st, while it also saw operating cash flow break even in final three months of the year.
In recent months it has announced partnerships with Formula 1’s Beyond the Grid podcast for the forthcoming F1 season; LA-based Studio71, a leading digital video studio and network with seven billion monthly YouTube views; and SBI Audio, which has a slate of 50 established shows.
In a statement to the London Stock Exchange, Audioboom said that after just eight weeks of the year its advertising bookings and monthly recurring revenues from programmatic advertising and podcast subscriptions for 2019 already exceed its total revenues for the previous 13-month period.
“This new growth funding will allow the company to acquire high revenue producing, established podcasts which will further drive revenues and strengthen Audioboom’s USA operations,” said CEO Rob Proctor.
“It is a great reflection on the business and its progress to have the backing of both new and existing institutional investors in the subscription, including a participation by Harwood Capital LLP as a new investor and Candy Ventures SARL, our leading existing shareholder.
“Recent corporate activity in the industry has seen high profile acquisitions and fundraises. The comparative valuations of these transactions could indicate that 2019 is the year that Audioboom and its shareholders will start to benefit from the foundations that we have laid down and the platform and content that we have created.”