Nation Broadcasting, the fast-growing radio and media group, has made a significant strategic investment in Podcast Radio, becoming the company’s lead investor in its latest fundraise.
The deal sees Nation taking a 10% interest in Podcast Radio, which launched two years ago and uses the trust people have in radio to help them sample and choose podcasts.
The station currently broadcasts on DAB+ in London, Surry, Manchester and Birmingham as well as via smart speakers, its own app and website.
In its current investment round – valuing the company at £2.9 million – Podcast Radio’s management are preparing to grow the station internationally and strengthen its on-air offering.
Nation Broadcasting is one of the UK’s fastest growing media companies with a portfolio of national, regional and local commercial radio stations, digital marketing services and investments in DAB transmission across the UK and Channel Islands. The group has a combined weekly audience of nearly 5 million listening hours according to RAJAR.
Jason Bryant, Founder and Executive Chairman of Nation Broadcasting, said: “We’ve been impressed by the growth of Podcast Radio and see the huge potential of their expansion plans into North America and Australia.
“We see significant value growth in the company as it adds bespoke brand extensions and further streams in areas such as sports, business and health.”
Gerry Edwards, Founder and CEO of Podcast Radio, said: “We warmly welcome Nation Broadcasting as a strategic partner in our business. We believe they can add true value to what we already do and will help us grow and expand internationally.”
Podcast Radio director Paul Chantler added: “We have some bold and exciting new ideas for the way podcast content is presented radio which we want to implement later this year. Jason and his team at Nation will help us do this.”
Podcast Radio is monetized by selling traditional on-air advertising and sponsorship; inserting commercials into its online audio stream; partnering with international content makers; and making original podcasts and bespoke audio content.
The company raised initial capital from angel investors and an equity fundraising campaign last year. Other investors include US production company Evergreen, entrepreneur Simon Squibb and former BBC Radio 1 DJ and businessman Bruno Brookes.
The latest fundraising round has a target of £500,000 and, in addition to the Nation investment, other private individuals have already committed a further £100,000 into the company.