Acast closes $19.5M in a Series B Funding to further develop the on-demand audio and podcasting technology.
Acast, a Stockholm, Sweden-based technology company providing a platform for audio on-demand and podcasts, announced closing $19.5M in series B round financing. The money comes from Swedbank Robur and Norron Asset Management as well as from existing investors, Bonnier Growth Media, MOOR, Alfvén & Didrikson, the CNI Network, and Inbox Capital.
Acast, founded in 2013 by Mans Ulvestam and Karl Rosander, has developed an end-to-end platform for publishing, monetizing, and distributing audio content on demand. The company manages a dynamic advertising insertion model, being used by 2,000 audio content creators, and developed reliable statistics following international guides and standards to give content creators and advertisers the clearest understanding of listener behavior.
The series B funding will be used to significantly expand and grow the engineering team to continue to develop Acast’s premiere audio-on- demand technology suite. The new funds will also go towards accelerating the growth of the US market and expanding into new international markets. In 2017, Acast launched its 4th international market in Australia.
Prior to this, the company raised about $16M in outside funding.