An Edinburgh-based ‘fintech-for-media’ platform has closed a $5m (£3.9m) funding round led by LA-based VC and former Skype and FanDuel backer Morpheus Ventures.
Recast said the investment will support further development of its smart payment platform and enhance its micro-payment wallet, facilitating the sale of digital commodities anywhere on the internet, and beyond its current offering that primarily supports monetising video and live streams.
The round was led by Morpheus, while other backers included Cooley and Airstream Ventures, founded by former BGF head of investments Gavin Petken and former Manchester United executive vice-chair Ed Woodward.
Petken will join Morpheus managing partner Joseph Miller and Recast chief executive Andy Meikle on a reshuffled board following the deal.
Petken said: “Recast’s proven data-capture and monetisation capabilities made our decision easy. With conversion rates of over 15 per cent from destination landing to cash, Recast’s solution enables rights owners to quickly and seamlessly unlock latent value from customers. Recast will no doubt establish itself as a core enabling technology and is therefore a perfect fit for the Airstream Ventures portfolio.”
Miller added: “Much like Shopify revolutionised e-commerce with its versatile platform, Recast is set to transform digital content monetisation and distribution. This transformation is supported by Recast’s advanced smart payment platform and micro-payment wallet, which offer a level of flexibility and immediacy akin to PayPal. With our extensive knowledge and experience in the media sector, we are confident that Recast has developed the right product at the right time.”
Meikle added: “What began as a streaming service has now transformed into a dynamic fintech platform for the entire media industry. With Cooleys’ legal prowess, Airstream Ventures’ deep connections in sports, media, and entertainment and Morpheus Ventures’ impressive track record, experience, and extensive network, particularly in the US, I know we have the right strategic ingredients to realise our vision.”
The funding round comes after Recast fell into administration last September, attributed to key funding from a “major investor” failing to materialise. Its assets were sold by administrator Interpath Advisory to new owners Content Technology Partners.
