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Audio distribution startup iono.fm today announced it has received R2.5-million in funding from an Angel investment round.
The round was led by financial firm Clifftop Colony, and includes a range of unspecified local and international Angel investors.
“With a local and international presence of the Angels and Clifftop Colony itself, the consortium of investors are ideal partners for us as we continue to scale our business both domestically and globally,” noted CEO of iono.fm, Ryan Dingley.
The funding will be used to bolster iono.fm’s streaming services, as well as domestic consolidation.
“Iono.fm is the third company in our portfolio that we are building alongside our mainstream Ventures business, which focuses on corporate finance services for high-growth companies, especially capital raising using our global syndication and M&A platform,” said CEO of Clifftop Colony, Oliver Drews.
“We have tracked iono.fm’s progress over the past four years and are deeply impressed with the team’s resilience, commitment and the world-class technology they have built.”
Iono.fm is an audio platform that allows for hosting, sharing, and streaming of audio content.
The company generates revenue by integrating adverts into its hosted content and distributing them as well. Some of the company’s clients include Standard Bank, Jaguar, and Pepsi, among others.
“We look forward to the partnership with Ryan and his team and hope that we can contribute to building this business in the years to come,” concluded Drews.