Exaget set for expansion with €700k funding
From a press release to email@example.com
Posted 2 February 2015, 3.07pm est
Exaget, a radio advertising technology company, has begun 2015 with the announcement of a €700,000 equity investment from a combination of Finnish, Asian and UK investors. The company’s growth is a reflection of the movement in the radio industry where last year adspend was the highest it has been since 2000, up 8.9%.
The investment includes angel investors in the UK, and Finnish venture capital firms Finnvera and Gorilla Ventures. In addition, Exaget received a government research and development loan from Tekes, the Finnish funding agency for innovation.
“This is a really exciting time for us as a company,” says Shankar Meembat, CEO, Exaget. “Our technology is yielding tremendous benefit to our clients and with our focus on innovation, customer service and expansion, we are looking forward to another successful year.”
Exaget has signed up a number of new broadcast clients to its ActiveRadio network. They include UKRD, French Radio London, RockSport Radio, AWAZ FM and ZoneOne Radio.
The forward momentum has also extended to its operations. The company’s board is being reconstituted with the addition of Hannu Jungman representing Finnvera and Martin Stringfellow from Indigo Capital, representing the angel investors. In addition, Travis Baxter, who has worked in radio internationally with RTL, Advent International and Actera Group in Turkey, will become an advisor to the management and the board.
“This diversity of experience and talent will only serve to complement the board and, of course, the company and its future direction,” says Meembat.
Since inception in 2012, the company has experienced a high rate of growth with offices now in Finland and in London. Exaget provides radio technology for mobile and online, assisting broadcasters in building and monetising mobile audiences through targeted advertising.
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