Growth equity firm Updata Partners led a $20m series A round for US-based livestreaming platform developer BoxCast yesterday that included audio equipment producer Shure.
BoxCast is the creator of a cloud-based platform that helps enterprises engage with their customers more comprehensively. The series A proceeds have been earmarked for customer acquisition and product development.
Brian Woodland, Shure’s vice-president of global business development, said: “We have been impressed with BoxCast’s rapid growth over the last two years.
“Shure has always focused on delivering extraordinary sound to bigger audiences, and we are proud to help BoxCast continue that mission by delivering the live event experience – from schools, houses of worship, music performances, sporting events and more – to people at home.”
Entrepreneurship promotion organisation JumpStart provided $250,000 for BoxCast in 2013, adding to earlier funding from Cuyahoga County North Coast Opportunities Fund and the Innovation Fund.
The company added $1.4m in debt financing in 2016 and $1.7m in equity funding the following year, according to regulatory filings.
