XAPPmedia Obtains $3.8 Million In New Round Of Funding
May 18, 2015 at 3:56 AM (PT)
XAPPmedia has obtained another $3.8 million in funding from private investors, bringing the total amount raised to $6.8 million. The company's announcement indicated that the same investors who participated in the seed round also led the A1 funding round. XAPP says that it will use the new funding to expand its interactive audio services to pure play and streaming radio providers; the initial round funded XAPP's interactive audio advertising service with NPR and added voice-activated content discovery and app navigation services for Internet radio users, and a partnership with jacAPPS.
“Our new funding represents another vote of confidence in XAPP’s ability to give consumers a voice and create instant connections with content, artists and brands through mobile audio apps. The funding is a strategic extension of our original seed round and will help to further expand our customer base and product capabilities,” said CEO PAT HIGBIE.
“Many audio publishers were initially interested by the high CPM rates that XAPP Ads command, which are 4-5 times higher than other mobile ad units. Given the industry’s economic challenges and competitive limits around ad load, a three-pronged strategy to increase listening hours, CPM rates and sell-through is widely seen as essential for growth and profitability. XAPP helps Internet radio publishers with all three. More recently, we demonstrated new product capabilities to improve user experience around content discovery and app navigation that enable listeners to connect effortlessly with content and artists. Industry product managers have recognized the power of using voice engagement to improve user experience, since 79% of listening occurs when touch interaction is not possible. We are excited about leveraging this new funding to bring Interactive Audio Services to a broader audience of Internet radio listeners.”