Candy Boosts Backing For Audioboom

Property mogul Nick Candy’s Candy Ventures is providing more financial backing for Audioboom, a spoken‐word audio platform for hosting, distributing and monetising content.

The company has agreed a new content funding facility with SPV Investments Ltd – an SPV which is owned equally by Michael Tobin, the company’s Chairman, and Candy Ventures sarl the company’s largest shareholder.

The arrangement will provide guarantees of up to $4m to secure the minimum guaranteed advertising revenue share payable to Audiboom’s content partners. The company say it will only be used to ‘secure leading, high profile, high revenue producing podcasts.’

Candy and Tobin have been granted up to 10m share options at 3.3p for up to five years.

While few would disagree Audioboom is an exciting platform with massive potential it is certainly taking a massive amount of money to develop. So, who better to invest in it than a developer who most likely has a massive amount of money to invest.

Source Audioboom Group plc
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