Abacast Inc. announced the completion of a $500K convertible debt financing from a combination of existing shareholders and new strategic investors. The company is a provider of online radio monetization and streaming media solutions.
In addition to raising the half million in cash, Abacast announced that has hired veteran digital media executive Rob Green as its CEO. Green, a former executive at Nine Systems (acquired by Akamai) and Group Business Development Manager at Microsoft in the Digital Media Division, had been serving as interim CEO and is a member of the Abacast Board of Directors.
Abacast, which is now 10 years old, said the new funds will be used to expand its engineering and sales teams, accelerate product development, develop additional partnerships, and increase marketing initiatives.
“Increasing digital revenue is the number one request we receive from our customers,” said Green. “This funding helps us accelerate the release of new revenue generating products and partnerships. Abacast’s digital radio platform stands out as an integrated solution enabling terrestrial and Internet broadcasters to reach huge audiences across many devices and do so profitably. We’re thrilled to have such strong support and look forward to continue rapid growth.”