Audioboo Ltd, the 'social voice' platform launched in 2009, today announces the closing of its first fundraising round. Investors will now include 4iP, UBC Media, Imagination Technologies and angel investors including Sir Don Cruickshank, who will become Chairman.
Audioboo is a mobile and web platform that allows for the simple recording of audio, the ability to add a picture, title and location details which is then uploaded to audioboo.fm, where it can be instantly shared with friends, family or the world. The platform supports posting to Twitter, Facebook and other social platform as well as the ability to record via the web.
Notable users include Stephen Fry, BBC Radio 1, 3 & 6, The World Service, The Guardian, British Army and The Labour Party. AudioBoo's professional version is licensed by The Royal Opera House, British Library and Open University.
Audioboo received initial funding from Channel 4's digital media fund 4iP allowing the company to take it's product to market and gain some early momentum. 4iP will convert its project funding to date to equity in this round.
Speaking of the deal, Audioboo founder & CEO Mark Rock said:
"This is a very strategic first round, helping us to define what the next generation of audio content will look like. Having UBC Media on board, who really understand radio production, and Imagination who, through its PURE division, really understands the technology, means we can rapidly experiment and develop our ideas about how audio content will function, feel and make money in the future. We are also very fortunate that Don has accepted a role as Chairman. His experience of turning opportunities into significant businesses will be key to our future success."
Daniel Heaf, the Digital Commissioner at 4iP who brokered the initial project funding, said:
"Audioboo has been a flagship project for us and helped demonstrate the need 4iP is meeting in the market. Our remit tosupport new creative talent working in digital media helps companies like Audioboo realise their dreams of bringing an innovative product to market, demonstrating audience and commercial traction and raisinginvestment to take the business further.”
Don Cruickshank, who has played many roles in the media world and is a director of Qualcomm Inc, a leading innovator of advanced wireless technologies, said “This is one of the very few ventures in the social media space in which I am prepared to invest my own money, and I look forward to working as Chairman with Mark and the team to make it a real success”
Hossein Yassaie, CEO, Imagination Technologies, said:
“Audioboo is exactly the kind of innovative technology in which the UK excels and we are delighted to be involved both as an investor and as a partner. There are clear synergies between Audioboo and Imagination, via PURE, our world leading radio brand, and we are confident that we will continue to work as both an investor and partner to ensure Audioboo achieves its potential.”
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