AudioBoom Raises More Funding; Avoids Insolvency
Podcaster News recently reported that AudioBoom may be in danger after the deal with Triton Digital was ruled off due to “insufficient funds.”
Now, it appears AudioBoom has managed to raise funding in an effort to secure its operational capital.
RAINN News provides an easy-to-understand explanation of a May 25, 2018, filing on the London Stock Exchange website regarding audiBoom. The company was able to raise 500,000 GBP from an existing investor. The investor is Candy Ventures. Nick Candy is the 90% shareholder of Candy Ventures.
The loan from Candy Ventures is in convertible notes. The announcement says the loan is “pending the completion” of audioBoom’s “current equity fundraise, which is being undertaken to provide additional working capital, investment in additional podcasting content and other growth initiatives.” The deadline to convert the loan notes is set at June 30, 2018.
AudioBoom raising the needed funding only continues to show the power of audio and podcasting. More investors are willing to take risks in the market because they understand the upside and the future of voice.