Acast Secures $19.5 Million Series B Funding
Acast, the world’s leading technology platform for on-demand audio and podcasting, announced today that the company has secured a Series B investment of $19.5 million USD led by a group of Swedish Investors.
Lead investors in the round were Swedbank Robur funds Ny Teknik and Microcap as well as Norron Asset Management’s funds Target and Select. This represents the first non listed investment for Ny Teknik and Microcap funds. Acast has now raised over $32 million to date including this most recent Series B from investors including Bonnier Growth Media, MOOR, Alfvén & Didrikson, the CNI Network, and Inbox Capital.
In the three years since its founding, Acast has pioneered the dynamic advertising insertion model, become the platform of choice for more than 2,000 audio content creators, and developed world class 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 already strong 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.