Recast, an Edinburgh-based sports video content platform, has secured $8.2 million (£5.9m) in funding as part of a series A investment round.
The series A saw funding secured from a host of high-profile investors, including West Indies batsman Chris Gayle and Simon Bax, former Chief Financial Officer and Executive Vice President at Pixar.
Other investors in Recast include Riva Technology and entertainment and private equity firm Visor International.
This investment round saw Recast’s valuation grow to $29m (£20.9m). The firm said the money raised will primarily be used to further develop its platform, which is currently in beta in the UK.
Recast said it will also invest in “expanding its geographical footprint” as an increased appetite from rights holders indicates “significant demand” to reach a global audience.
Commenting on the investment, Recast CEO and founder Andy Meikle said: “The calibre of this investment group reflects the response from the rights holders around the world and Recast’s major potential, particularly as we’re just getting started.
“We’re often congratulated on how ‘disruptive’ our model is, but in our view the industry has already been disrupted and we’re providing a revolutionary solution.”
Simon Bax added: “The speed at which Recast has developed its product offering and garnered global interest from rights holders since inception, especially in the last six months, is incredibly exciting.
“This round and those involved will both support and accelerate Recast’s trajectory.”
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Recast is a direct-to-customer video platform that connects rights holders, fans and brands on one single platform.
The firm’s micropayment solution allows fans to turn their attention directly into revenue for the sports they are passionate about – and all on a non-subscription basis.
Instead of buying rights itself, Recast will connect rights’ holders directly to fans, allowing an exchange of value through in-app credits called ‘Casts’.
The Edinburgh firm is currently working with several high-profile rights holders and bodies – including golf’s European Tour, Manchester City FC, the World Parkour Championship and Hibernian FC.
Recast said its ‘over-the-top’ micropayment offering hits the market at a time when global sports organisations are facing numerous challenges with traditional distribution.
Rights holders and content creators are struggling to monetise audiences, face regular abuse on social media channels, and are witnessing an increasing consumption of content through pirated channels – an issue which has been exacerbated by the Covid-19 pandemic.
Recast allows rights holders to set up and run their own direct-to-consumer channel for free, which the firm says will help to address these challenges head on.
Founding Investor and Executive Chairman, Simon Clegg, commented: “To oversubscribe in the current climate and in such a short window is testament to the belief that an alternative model is needed and Recast offers that solution.
“We’re very pleased to welcome a great range of strategic investors to the cap table, which only strengthens our position as we expand our offering globally.”