July 10 – Recast, the micro payment monetisation platform for streamed media, has closed a $5 million funding round with US-based venture capital firm Morpheus Ventures taking the lead, with additional investments from former Manchester United CEO Ed Woodward’s Airstream Ventures, and Cooley.
At the end of 2023 Recast, running out of cash, called in the administrators and a hunt for finance began. The new money signals a belief in the basic Recast proposition and a further evolution of its technology.
Andy Meikle, CEO of Recast, said: “Our fundamental belief has always been to ensure universal access to content while ensuring fair and immediate value exchange for everyone involved. However, our approach has evolved. What began as a streaming service has now transformed into a dynamic fintech platform for the entire media industry.”
Recast enables media owners to maximise distribution, monetisation, and first party data capture offsetting rising subscription fatigue and churn. Initially the model was focussed on micropayments from ad campaigns.
Recast’s solution can now integrate into media owners’ own digital platforms via an API.
The technology is now evolving and the investment will support further development of Recast’s API-centric smart payment platform and enhance its micro-payment wallet, facilitating the sale of digital commodities anywhere on the internet, beyond just supporting monetising video and live streams.
Joseph Miller, Managing Partner of Morpheus Ventures said: “Much like Shopify revolutionised e-commerce with its versatile platform, Recast is set to transform digital content monetisation and distribution. This transformation is supported by Recast’s advanced smart payment platform and micro-payment wallet, which offer a level of flexibility and immediacy akin to PayPal. With our extensive knowledge and experience in the media sector, we are confident that Recast has developed the right product at the right time.”
“At the heart of what we do is making it as simple as possible for media owners to quickly generate revenue and capture meaningful data without the acquisition costs, while consumers enjoy seamless and affordable access to content,” said Meikle.
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