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Audioboo closes strategic funding round

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.”

Things other people have written:

The Guardian

TechCrunch

PaidContent

Job Advert: Commercial Product Manager for Mapumental

Last year 4iP invested in Mapumental. Mapumental is a proprietary mapping technology that renders beautiful maps from large and complex data sets. We demonstrated what the technology could do through the launch of a closed beta.

After extensive work on the technology and the successful closing of a new round of funding Mapumental is looking to make some important new hires. The first one out of the gate is the Commercial Product Manager. I hope some of you might be interested or know someone that might be:

mySociety, the non-profit project that built TheyWorkForYou and FixMyStreet is seeking a West Midlands based Commercial Product Manager to drive the success of its new commercial subsidiary Mapumental Ltd

The job will entail working with the developers to design commercial products based on our  Mapumental mapping technology, and will involve carrying out all the sales and marketing required to secure contracts based on them.

Skills

Software as a service product design

Sales and Marketing

Strong copywriting skills, and ability to work with designers to produce marketing materials

Good knowledge of online mapping and GIS

Experience

Must have experience of selling software as a service

Must show proof of having made difficult and successful product design decisions.

Must have experience carrying out marketing campaigns

Must be Internet savvy

Ideally familiar with the GIS sector

Personal Qualities

Self starter who can work independently, and at home.

Driven to make a new business succeed

Attention to detail

Friendly and able to collaborate with diverse colleagues

Location and Hours

The job is full time and is to be based in the West Midlands (exact location TBD)

Applications should be sent to hello@mysociety.org by noon of 7th June, with the tag msjob3 in the subject line.

Some interesting boos

It's been quite a  while since I posted about Audioboo. Audioboo is an amazing platform for the capturing and sharing of audio. Primarily aimed at the spoken word market, its mission is to become the dominant way in which consumers create audio and share it on the web.

Over the last few months its functionality has grown to include improved integration with Facebook, browser upload and record and an updated iPhone application. There are some really exciting things in the pipeline too. But while it's all too easy for people like me to get excited by improvements to the functionality it's the richness of the content and the interesting users that get others onboard using the app or just browsing the content. Here are some of my favourite boos I've heard more recently:

To get you going here's a list of some of my favourite users:

Stephen Fry http://audioboo.fm/profile/stephenfry

Rory Cellan Jones (BBC) http://audioboo.fm/profile/rorycellan

Vic Keegan (Guardian)  http://audioboo.fm/profile/vickeegan

Mike Butcher (TechCrunch) http://audioboo.fm/profile/Mikebutcher

Rob Andrews (PaidContent) http://audioboo.fm/profile/robertandrews

Matthew Weaver (Guardian) http://audioboo.fm/profile/matthew_weaver

Bill Thompson (BBC) http://audioboo.fm/profile/billt

Richard Bacon (BBC) http://audioboo.fm/profile/richardpbacon

BBC London http://audioboo.fm/profile/BBCLondon949

Channel 4 News: http://audioboo.fm/profile/Channel4News

British Army: http://audioboo.fm/profile/BritishArmy

4iP invests in Splashpath

Finally we're done with this round of contract negotiations and able to reveal our new set of investments. One of the ideas we've funded off the back of our iPhone 3.0 call to action is Splashpath.

Splashpath is an online platform and mobile offering with one clear goal; to get as many people enjoying the health benefits of swimming. Splashpath the brainchild of Dan Morgan sometime music video director turned iPhone developer.

Splashpath's core functionality will help people find their local pools and checking opening times. Trust me, there's nothing more frustrating than being kicked out 20 minutes in to make way for the 60+ aqua jogging session. Swimmers will be able to record their swims and unlock achievements through completing goals and competing with other users. Here are some early screenshots

 

So let's take the customary tour through 4iP's reasons behind the investment.

Firstly there's is the size of the opportunity. Over 5.6 million adults regularly swim in the UK. Not only is swimming the most popular sporting pastime, it is also the sport that 12% of the adult population would like to do more often. Despite it being the most popular sporting pastime, it is currently poorly marketed and hasn't really embraced new technologies. Swimming websites don't help either. Most pool timetables are available as downloadable word documents or PDFs. SplashPath develops a new route to market and introduces new swimming opportunities via new technology. 

Secondly, there is the clear public service benefits. 4iP has always had a stated it's interested in funding ideas that improve the health and fitness of it's users. By making swimming more accessible and more fun Splashpath hopes to coax the metaphorical whales off the beach. With free swimming now available to anyone under-16, there has never been a more perfect time to encourage people to seek a healthier lifestyle.

Finally as we continue to invest in this area we will look to enhance the network effect of our investments. For example, it's possible to imagine a single web service for consumers that allows tracking and recording of numerous health and exercise applications.

Newspaper Club update

During the heady summer months I led 4iP's investment in Newspaper Club. The wonderful team at Newspaper Club are building a tool to help people make their own newspapers. And by ‘newspapers’ they mean anything you can make with ink on newsprint.

They've been documenting 'the start-up dream' on their blog which I suggest you read but if you're a joyless, number crunching, fact loving capitalist you might prefer this investors summary.

Now, despite their best efforts to manage users' and investors' expectation by constantly reminding us that ‘it won’t be as good as you’re imagining’ they've been getting on rather well. In fact they're getting on slightly better than I had hoped for. Here's why.

Firstly, they've hit their beta revenue targets prior to actually launching their beta. Investors like this. Cynics amongst you may make the point out that Russell Davies is the master of disappointment management only to swoop in at the last minute to over deliver and delight! But the revenue targets weren't set by NC they were set by 4iP's investment manager (see scowl here). Generating revenue is a good thing for all the obvious reasons and because I believe start-ups that generate revenue early-on will show more financial discipline from an earlier stage. This is even more important when a company is funded rather than bootstrapped. Hey now they're spending their money and ours!

Secondly, it seems that this newspaper idea is proving rather popular. Yes, they may be in alpha but they already got a lovely selection of paying customers. In investor land we call this traction or product / market fit and we love it. 4iP loves it a little less than most but that's because were odd and put product first. 4iP literally fizzes with excitement when the club's newspapers pop up at events like Playful09 and Wired's Intelligence Briefing. Don't even get me started about the data newspaper. 

 

Finally, I value management integrity and openness above almost everything. 4iP can do it's bit to bring in external directors, advisors and specialists but this no substitute for competence and maturity from those running the show. I never leave Newspaper Club with the feeling that I'm not 100% in the know. Yes, they make mistakes but they don't pretend everything fine when it isn't and give a balanced view of how things are going without my having to dig too hard. I can see this openness flowing through to the customers convince people that they'd like to spend their money with them. 

Get ready for the beta..!

4iP invests in SCORES

 

4iP are announcing an early investment in SCORES or the school competition results system (see what we've done there). This pilot project, which will be based in the West Midlands, is the first stage of an ambitious project by the Department for Culture, Media and Sport to commission a national database of school sports results.

In March of this year 4iP and Screen West Midlands put out a call for proposals around using the power of digital networks to engage, inspire and reconnect young people to sports in the UK. After wading through proposals and some brilliant face-to-face pitching we selected AllTeams to design, build and run the service.

The SCORES service will showcase the results of a selection of team sports played by local secondary schools based in the West Midlands. Over 40 schools based in the Black Country, Birmingham and Hereford & Worcester have been selected for the project.

While the site will be free for schools to use we anticipate the SCORES reaching financial sustainability should the the DCMS goes on to  commission a national database of school sports results as part of its ongoing commitment to building a vibrant sports culture across the UK, helping encourage children into sport and a healthy ‘playing-to-win’ culture into English sport at grassroots level. The national database could operate for all 5-19 year olds involved in the widest range of school sports.

Culture, Media and Sport Secretary Ben Bradshaw

“The School Sports website will be a key part of the Government’s ongoing drive to build a vibrant culture of competitive sport among young people. By harnessing the technology that young people are so familiar with we can help them to share their sporting successes, inspiring even more young people to get active.  Our ambition is to see a national website, so children in the West Midlandswill be blazing a trail for the rest of the country."

From a 4iP investment perspective a key ambition has always been to use the power of digital networks to engage, inspire and reconnect young people and help them change their lives. The SCORES service, powered by AllTeams is a fantastic initiative that, if effective, will encourage more children in England to become involved in playing sports and I’m delighted that 4iP is able be involved at the pilot stage.

Talk About Local Update

It's been a while since I've Talked About Local. 4iP, Channel 4's digital media investment fund, announced it's investment in Talk About Local in June 2008. As investments go this is one sits firmly in the public service camp. I'll talk more about how we spread our bets between public service and commercial investments in a later blog post.

To refresh your memories, Talk About Local is a project to give people in their communities a powerful online voice. Their aim is to teach people around the country to communicate and campaign more effectively using all forms of social media. Through web and face training they're empowering people to influence events in their local area.

Now that the project has been up and running for four months I thought I'd summarise some of the excellent progress made and show where this initiative is having a real effect on the ground.

• Excellent team hired: Not even the all conquering Will Perrin can run an initiative as ambitious as Talk About Local on his own. So he scoured the land and hired the wonderful Nicky Getgood (@getgood) the talented Mike Rawlings (@mike_rawlins) and super-sharp Clare White (@ClareWhite). Nicky lives in Birmingham and runs Digbeth is Good a site covering the news, activities and interesting happenings in the Digbeth area of Birmingham. Mike is one of the team behind Britain's best council chasing website Pits'n'Pots in Stoke on Trent. Clare also hails from Stoke and is an all round social media activist and guru.Clare also manages projects for WEA and for Stoke's Community Health Project. It's great to have such a talented team on board.

• Incredible un-conference held: At the beginning of the month TAL held their first of many official events. Hosted by Staffordshire University Faculty of Arts, Media & Design the event tempted over 100 people to leave their bedrooms, home offices and local community halls to share ideas face to face on how best to run community websites and locally orientated digital services. Sadly, I couldn't make it myself but judging by the tweets, blog posts and coverage from traditional media it is clear that enthusiasts, both professional and amateur, are cooperating to pool their resources and knowledge.

• Pilot Sessions Running: Rolling out a national programme involving thousands of people course requires time, effort and lots of tweaking. The trial Talk About Local sessions are being held in and around the West Midlands. Highlights include 2 sessions in Kington, Herefordshire, which resulted in the Kington Blackboard site http://kingtonblackboard.org/. An early paying customer lured talkaboutlocal out of the West Midlands which led to w14london.ning.com. In the last couple of weeks the team has trained over a dozen trainers to deliver tal sessions in uk online centres embedded in deprived communities.

It's early days but the signs are encouraging. In the next update I'll update you on the Talk About Local business model and how it's progressing towards sustainability.

4iP invests in MyBuilder

On Monday 21st September I announced the 4iP deal with MyBuilder. Out of the ten or so companies I've invested in on behalf of 4iP this far this represents the first equity deal and first in an established web business.

MyBuilder is a fantastic product and Ryan Notz's story is nothing short of amazing. I'm in awe of what they've achieved and feel in many ways they personify the perfect start up. It's going to be an absolute privilege to help shape and drive growth the product on behalf of 4iP.

I thought it might be useful to oultline both the consumer and the corporate reasons why 4iP chose to invest in MyBuilder. This blog post goes into a little more detail than the blog post on 4iP.

Squeezing out cowboy builders

MyBuilder aims to solve two simple user needs: the difficulty homeowners have in finding good builders; and the problems builders have in getting the right kind of work, when they need it and where they need it. Just like another 4iP investment School of Everything, MyBuilder aims to use the web to help bring people together who want to interact with each other. Working on a principle of accountability through feedback, tradesmen are rated on their workmanship by those who hire them, making it easier for consumers to find high quality builders and avoid rogue traders.

A new form of consumer protection

So as is customary in these posts I’ll run through the rationale behind the 4iP investment. Not only is MyBuilder a fantastic web product but with it’s strong public value objectives it’s an excellent fit for the 4iP portfolio. MyBuilder uses the web to deliver unique monetary and reputational transparency. It is in many ways a new form of consumer protection challenging both builders and consumers to change the way they do things; increasing accountability on both sides. The service in many ways continues the long heritage Channel 4 television has had with homes, guiding and educating homeowners on the best ways to improve their properties. We see our successful 4Homes website as a natural extension of this and a great platform to add value to MyBuilder.

Sustainability and scale

Secondly, the proposition is based on a strong and sustainable business model. The site generates revenues from builders paying a quarterly subscription fee and from success fees on completed jobs.

Additionally, a founding 4iP investment principal was to amplify existing products that make a positive change in people’s lives. Founded in 2004 by former stonemason, Ryan Notz, MyBuilder went on to win Seedcamp in 2007 and attract investment from the likes of Travis Perkins plc and the Accelerator Group. MyBuilder is an early stage UK web start up that’s gaining traction in a growing market. 4iP’s investment combined with Channel 4’s reach in the property vertical will be used to support the talent in the company and accelerate the site’s growth to become a dominant player in this exciting space.

Delivering growth

As mentioned a stated 4iP mission statement is to amplify existing products. Simply put we want to help drive new audiences to products and services.I think it's important to note that like other investors or angels 4iP bring more than just cash to the table. 4 is still a huge media brand and a UK 'attention sink'. It's my job now to try and ensure that where editorially appropriate we highlight new services of benefit to the 4 audience. The builder marketplace has a number of active players and we nearing the point when a race to scale could determine who survives. MyBuilder is a UK success story and in my opinion offers the best user experience. 4iP wants to lend a hand in that race.

Some of press following the announcement:

http://paidcontent.co.uk/article/419-4ip-gives-350k-to-directory-of-builders-will-put-with-4homes/

http://uk.techcrunch.com/2009/09/21/4ip-makes-350k-equity-investment-in-mybuilder-com/