Abacast Raises $500,000 for Accelerated Expansion
Participating Investors Include Existing Shareholders and New Strategic Investors; Veteran Digital Media Executive Rob Green Named CEO
CAMAS, WA–(November 11, 2010) – Abacast, Inc. (www.abacast.com), a provider of online radio monetization and streaming media solutions, announced today the completion of a $500,000 convertible debt financing. Investors include a combination of existing shareholders and new strategic investors. The company will use the funds to expand its engineering and sales teams, accelerate product development, develop additional partnerships, and increase marketing initiatives.
In addition, the company has hired veteran digital media executive Rob Green as its CEO. Mr. 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.
“Increasing digital revenue is the number one request we receive from our customers,” said Rob Green, CEO. ”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.”
