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