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Podcast platform Acast raises $19.5 mln to fund expansion, boost staff
September 20, 2017 / 7:00 PM / 3 months ago

Podcast platform Acast raises $19.5 mln to fund expansion, boost staff

STOCKHOLM, Sept 20 (Reuters) - Swedish podcast platform Acast has raised $19.5 million in a financing round led by funds at Swedbank Robur and Norron Asset Management as it seeks to grow its engineering staff and boost expansion, it said on Wednesday.

* Lead investors in Series B funding round are Swedish fund manager Swedbank Robur’s funds Ny Teknik and Microcap as well as Norron Asset Management’s funds Target and Select, it says in a statement.

* Says capital will be used to significantly expand its engineering team to further develop its audio-on-demand technology suite.

* Says new funds will also go towards accelerating growth in the U.S. market and expand into new international markets.

* Acast, founded in 2014, has now raised over $32 million.

* The company is headquartered in Stockholm, and has offices in London, New York City, Los Angeles and Sydney.

* ABG Sundal Collier acted as financial adviser to Acast in relation to the financing round. (Reporting by Johannes Hellstrom; editing by Niklas Pollard)

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