SAN FRANCISCO--(BUSINESS WIRE)--Podcast technology company ART19 today announced it has closed a $7.5 million Series A round led by Bertelsmann Digital Media Investments (BDMI) and DCM Ventures. Other investors participating in the round included United Talent Agency, Gallo Digital, Zach Coelius and Array Ventures.
The company, which has experienced exponential download growth since it launched into beta two years ago, is expecting revenue to grow by 300 percent in 2017. The podcast hosting platform provides features, such as its proprietary WarpFeed® technology for dynamic ad insertion, to help publishers increase revenues as well.
“There are now more people listening to podcasts in the US than using Twitter,” said Sean Carr, Founder and CEO of ART19. “Our mission is to offer content creators and advertisers tools that help monetization of the medium catch up with that scale. This capital will enable us to greatly accelerate product development and continue supporting revenue growth for our customers.”
BDMI partner Keith Titan said, “Podcasting has arrived and ART19 is playing a central role in turning the medium into a business. In less than two years, they’ve signed an impressive list of top media companies and catapulted to a leading position in the space—an exceptional feat for a company without institutional funding. It is a testament to their product and their team.”
Jason Krikorian, General Partner at DCM Ventures and Co-Founder of Sling Media, said, “Audio has extraordinary global reach, and if there’s one thing we know about consumers, it’s that they want their content on-demand. This bodes well for the future of podcasting. ART19 has taken the space by storm and we’re thrilled to be working with them as the medium continues to mature here and abroad.”
“More than 50 percent of podcast listening now happens internationally,” added Carr. “ART19 will soon be expanding into foreign markets. Bertelsmann’s international footprint and DCM’s networks in Asia and elsewhere will open doors for us in many key markets. We’re very excited about our new partners. They’re bringing a lot more than money to the table.”
ART19 is the fastest growing provider of podcast hosting, distribution, and ad serving technology. By solving problems with ad targeting and measurement in the space, ART19 is helping agencies and brands leverage the increasingly popular medium and its highly engaged audiences. Industry-leading publishers like Midroll Media, DGital Media, Wondery, VOX Media, iHeartMedia, Feral Audio, reVolver and The New York Times use ART19. For more information, visit www.art19.com.
About Bertelsmann Digital Media Investments (BDMI)
Bertelsmann Digital Media Investments (BDMI) is a wholly owned subsidiary of the global media, services and education company Bertelsmann. As a financially driven corporate venture investor, BDMI draws upon Bertelsmann's global reach to provide not only capital, but also access to their network of businesses within Bertelsmann and across the media industry. BDMI has invested in over 50 startups since 2007 and is currently focused on the categories of online video, ad tech, SaaS, content and e-commerce. For more information visit www.bdmifund.com.
About DCM Ventures
DCM Ventures is a venture capital firm with over $3.0 billion under management. Since 1996, DCM Ventures has invested in more than 280 technology companies across the U.S. and Asia. With offices in Silicon Valley, Beijing, and Tokyo, DCM Ventures empowers their entrepreneurs with hands-on operational guidance and a global network of business and financial resources.