Radio advertising technology company Exaget has started the year with a €700,000 (£530,229) equity investment from a combination of Finnish, Asian and UK investors.
In addition, radio executive Travis Baxter will become an advisor to the management and the board as the company reacts to the recent increase in adspend in the radio industry. Last year was the highest it has been since 2000, up 8.9%.
The investment includes angel investors in the UK, and Finnish venture capital firms Finnvera and Gorilla Ventures. In addition, Exaget received a government research and development loan from Tekes, the Finnish funding agency for innovation.
“This is a really exciting time for us as a company,” says Shankar Meembat, CEO, Exaget. “Our technology is yielding tremendous benefit to our clients and with our focus on innovation, customer service and expansion, we are looking forward to another successful year.”
Exaget has signed up a number of new broadcast clients to its ActiveRadio network. They include UKRD, French Radio London, RockSport Radio, AWAZ FM and ZoneOne Radio.
There are changes on the board too with the addition of Hannu Jungman representing Finnvera and Martin Stringfellow from Indigo Capital, representing the angel investors.
“This diversity of experience and talent will only serve to complement the board and, of course, the company and its future direction,” says Meembat.
Exaget provides radio technology for mobile and online, assisting broadcasters in building and monetising mobile audiences through targeted advertising.