Bertelsmann Digital Media Investments, a subsidiary of media group Bertelsmann, co-led a $7.5m series A round for US-based podcasting technology provider Art19 with venture capital firm DCM Ventures yesterday.
Talent management agency United Talent Agency and legal and financial software provider Gallo Digital also contributed to the round, as did venture capital firm Array Ventures and angel investor Zach Coelius.
Art19 has developed a podcast hosting, distribution and ad serving platform that can help measure advertising reach for podcasts, enabling brands and ad agencies to engage with the space more effectively.
Sean Carr, founder and chief executive of Art19, said: “This capital will enable us to greatly accelerate product development and continue supporting revenue growth for our customers.”
Keith Titan, a partner at Bertelsmann Digital Media Investments, added: “Podcasting has arrived and Art19 is playing a central role in turning the medium into a business.
“In less than two years, they have 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.”