Audioboom gets cash from Rolling Stones and Eric Clapton gig backer

 
Oliver Gill
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2011 American Music Awards - Show
Edge Investments has invested in live events featuring popstar Jennifer Lopez (left) (Source: Getty)

The name of Audioboom's newest investor was today revealed as a venture capital fund that has backed the likes of Jennifer Lopez, the Rolling Stones and Eric Clapton.

Edge Investments, a UK investor into "the creative industries", poured £500,000 into the podcast firm.

Since launching in 2006, Edge has invested nearly £200m into live events, in-video advertising and games analytics.

Read more: Audioboom! Shares in podcast firm rocket up 15 per cent

Last month, Audioboom said its advertising metrics had increased fourfold in the final quarter of its financial year, indicating things were looking up for the firm after a rocky 2016.

A strategic investment from a Chinese investor fell away and the firm was forced to call on cornerstone investor Nick Candy to put his hand in his pocket to fund the then loss-making operations.

The investment from Edge is likely to buy Audioboom more time to continue its fourth quarter performance, swelling its cash reserves from the £700,000 it had left at the end of December last year.

Edge's Steve Carle identified the opportunity of putting money into Audioboom, which produces City A.M.'s Unregulated podcast, similarly seeing the "fantastic growth potential" that boss Rob Proctor previously highlighted.

Read more: Audioboom boss insists podcasting is a $1bn industry despite losses

He said: "Digital audio networks in the US and Europe are signing up big name advertisers and publishers eager to reach engaged listeners on mobile devices: the global podcast market is set for continued rapid growth.

"Audioboom... is perfectly positioned in the vanguard of this rapidly evolving market. Edge Investments looks forward to supporting this huge growth potential, drawing on our considerable experience of backing leading, creative enterprises.”

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