Member Article

Podcast platform Audioboom raises £2.55m to grow listener numbers

London-based Audioboom has announced it has conditionally raised £2.55m through the issuance of new shares as it looks to grow its audience of listeners on its podcast platform.

The tech firm, which has sealed a string of big-name brands to its platform including the NBA and Yahoo! Sports, has raised the cash by issuing 102,200,000 new Ordinary Shares, priced at 2.5 pence, to new and existing investors.

Audioboom announced back in March that it had enjoyed a near four-fold increase in its turnover last year, rising to £192k with a similarly impressive 66% jump in listeners over the same period.

This new raise will inject approximately £900k of working capital into the business as it focuses on growing its advertising revenue, with a further £1.2m set aside for technical development and improvements and a further £250k earmarked to help grow its client and content base.

Commenting on the firm’s expansion plans back in March, Audioboom’s Chief Executive, Chris Proctor, said: “Our focus in 2016 remains on expanding our reach and distribution in the USA and India, monetisation, improving our platform functionality and consolidating our position as a leading B2B advertising and digital audio content distribution company - ultimately resulting in revenue growth in 2016 and beyond.”

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