Online audio distribution platform iono.fm has raised R2,5m in funding from a Clifftop Colony-led consortium made up of South African and international angel investors, the company said on Thursday.
Iono.fm provides a platform for radio stations and independent podcasters to distribute their audio content online.
The financing will be used to fund iono.fm’s domestic consolidation and for further investment in its streaming and podcasting services, it said.
Clifftop Colony is an independent corporate finance, investment advisory and operational financial management firm focused on growth companies in sub-Saharan Africa. Headquartered in Cape Town, the company also has representatives in the US, the UK and Switzerland.
Founded in 2008, iono.fm optimises the uploading, hosting and sharing of audio content. The company also launched its own streaming solution in 2015 to complement its other audio services.
In addition, iono.fm has developed its own advertising engine that allows audio advertisements to be inserted and removed from audio content hosted on its platform.
It has more than 2 000 local and international channels that utilise the platform for distribution, ranging from traditional FM radio stations to independent digital content providers. (TechCentral distributes its podcast, TalkCentral, through the platform.)
International users of the platform include the likes of BBC, Deutsche Welle and TED.
The company said that it has seen an 86% growth in podcast listens in the past year. It hosts more than 220 000 episodes and publishes 12 000 new episodes a month. — © 2016 NewsCentral Media