Bonnier Growth Media invests in podcasting platform Acast to fast-track its European growth and US launch plans.
Acast, the Stockholm and London-based full service podcast platform that allows users to discover and share on-demand audio content enhanced with videos, images and links, announces today the closing of its Series A funding round with a $5m investment from Bonnier Growth Media and existing investors MOOR Capital to expand in Europe and the US.
Since its April 2014 launch in Sweden, by tech entrepreneurs, Måns Ulvestam and Karl Rosander and UK roll-out in late 2014, Acast has grown to have 1 million unique users with 12 million streams per month.
Ulrika Saxon, CEO of Bonnier Growth Media, comments: “Bonnier has consistently remained at the forefront of innovation, in sync with the needs of both consumers and advertisers, and our support for Acast, a concept at the forefront of the revolution in podcasts, is a reflection of this.”
Måns Ulvestam, Co-Founder and CEO of Acast, comments: “Since the day we launched, we have been approached by VCs on either side of the Atlantic, but for the next stage in our growth, we needed a partner with deep industry knowledge. As one of the world’s longest-established and largest media groups, Bonnier Growth Media matches our requirements as much as we do theirs. They understand that we are a category-defining platform: redefining and revitalising a space by engaging with producers, consumers, and advertisers, in an altogether new way.”
Karl Rosander, Co-Founder and Head of Business Development at Acast, comments: “This is the perfect time for us to join forces with Bonnier Growth Media: a media group with a network suitable for bringing Acast to a global audience. Our plan to open a base in the US reflects our belief that this growing domestic market will embrace the type of enhanced quality audio content that has driven Acast’s European popularity. In fact, the reason we started Acast was that we saw a mass media format with the potential for real revenue.”