The company, which withdrew from an attempted acquisition of Triton Digital in May, had been seeking new investment. The new funding comes from a mix of current investors and new ones. Trading will resume for Audioboom's shares again on 14 June.
In a telephone call with Podnews, Audioboom's Chief Operating Officer Stuart Last outlined the future for the company now that funding is secured, and talked about working with other podcasting companies to help grow the medium.
Audioboom will continue to focus on acquiring new podcast publishers for the company to represent for ad sales. “We really want to accelerate the growth of that,” Last said, highlighting that this is area of the market that has grown to be considerably more competitive. Audioboom’s package to content publishers will include more competitive revenue shares, a promotional budget, as well as guarantees of minimum revenue.