Podcasting site Audioboom has raised £4.5 million by selling shares to existing backer and property tycoon Nick Candy, and creative industry investor Edge Investments.
Audioboom initially raised £4 million last month through share placing and subscription.
This means the company sold shares to private investors, and to investors who had already committed to financing.
According to Audioboom’s financial filings last month, Nick Candy’s investment vehicle, Candy Ventures, bought an extra 8 million shares.
Company director Roger Maddock also bought an extra 1.6 million shares.
Audioboom subsequently raised another £500,000 from an undisclosed investor, which City AM named as Edge Investments. According to the newspaper, the company has invested in live events, game analytics, and in-game video ads.
The audio startup has also decided to convert the amount drawn down from a convertible loan note issued in January by Candy Ventures. The amount drawn down comes to £812,274, and gives Nick Candy another 40 million shares.
Along with Candy Ventures, Nick Candy will hold 145 million shares in Audioboom, or 16% of its issued share capital.
An Audioboom spokesman confirmed the investment.
The new funding comes after Audioboom reported a loss of £2.5 million for the first half of 2016, up from £3.2 million the prior year. Revenue came to £329 million, up from £46 million the previous year. At the end of 2016, the company had just £710,000 in cash.
The company said it would use the funding for working capital, tech development, content acquisition, and “creative initiatives”.
Chief executive Rob Proctor said: “We are delighted to announce this further investment from a new, single institution. This £0.5 million investment, coupled with the £4 million raised recently, will enable us to accelerate the growth and development of Audioboom.”
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