Media fintech

Monetisation platform Recast closes $5m funding

Andy Meikle launched Recast as a streaming service

Recast, the Edinburgh-based digital monetisation company, has closed a $5m funding round led by US-based venture capital firm Morpheus Ventures.

Additional investment has come from Airstream Ventures and Cooley to give the re-born company a new start after it collapsed nine months ago amid huge losses.

The company now provides a streaming, monetisation and data capture solution.

Alistair McAlinden and Chris Pole of Interpath Advisory were appointed as joint administrators of Recast Sports Limited on 22 September last year and 42 employees were made redundant.

Just two weeks later, founder Andy Meikle controversially bought the company back through Content Technology Partners (CTP) which he part owns. CTP’s backers include Airstream’s Gavin Petken, former head of investments at Business Growth Fund (BGF), and Ed Woodward, who was executive vice chairman of Manchester United.

Founded in 2018, Recast completed a number of seed and Series A funding rounds which enabled the business to grow and scale. Series A investors in 2021 included legendary West Indies cricketer Chris Gayle, ex-Pixar CFO Simon Bax, private equity firm Visor International and Riva Technology and Entertainment. 

Commenting on the close of the latest round of funding, Joseph Miller, managing partner of Morpheus Ventures, said: “Much like Shopify revolutionised e-commerce with its versatile platform, Recast is set to transform digital content monetisation and distribution.

“This transformation is supported by Recast’s advanced smart payment platform and micro-payment wallet, which offer a level of flexibility and immediacy akin to PayPal. With our extensive knowledge and experience in the media sector, we are confident that Recast has developed the right product at the right time.”

Mr Petken said: “Recast’s proven data capture and monetisation capabilities made our decision easy. With over 40% of the world’s population under 24 years of age, expanding leisure time, and a shift to direct-to-consumer models, particularly in sports, Recast’s model excels.

“With conversion rates of over 15 per cent from destination landing to cash, Recast’s solution enables rights owners to quickly and seamlessly unlock latent value from customers. Recast will no doubt establish itself as a core enabling technology and is therefore a perfect fit for the Airstream Ventures portfolio.”

Mr Meikle said: “Our fundamental belief has always been to ensure universal access to content while ensuring fair and immediate value exchange for everyone involved.  However, our approach has evolved.

“What began as a streaming service has now transformed into a dynamic fintech platform for the entire media industry. 

“At the heart of what we do is making it as simple as possible for media owners to quickly generate revenue and capture meaningful data without the acquisition costs, while consumers enjoy seamless and affordable access to content.

“With Cooleys’ legal prowess, Airstream Ventures’ deep connections in sports, media, and entertainment and Morpheus Ventures’ impressive track record, experience, and extensive network, particularly in the US, I know we have the right strategic ingredients to realise our vision.”

The Recast board will be composed of Andy Meikle, Joseph Miller of Morpheus Ventures, and Gavin Petken of Airstream Ventures, along with several independent industry and sector experts, including Scott Guglielmino (COO X-Games) and Drew Larner (Founding CEO of Rdio).

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