Recast, the UK based sports OTT platform, has raised £5.9 million (€6.7m) in its Series A round of investment.
Recast said the success of the round follows increased demand from rights holders looking for alternative ways to monetise their video content as consumption and payment patterns continue to evolve.
Among the investors is Simon Bax, former Chief Financial Officer and Executive Vice President at Pixar, the digital animation giant behind the Toy Story and Finding Nemo franchises which sold to Disney in 2006. He joins a host of High Net-Worth Individuals (HNWI) including West Indies batsman Chris Gayle, strategic investor Riva Technology and Entertainment – the gaming, tech and entertainment firm – Private Equity firm Visor International as well as other Family Offices in a round which sees Recast’s valuation grow to $29 million.
The money raised will principally be used to further develop the Recast platform, currently in BETA in the UK. Recast will also invest in expanding its geographical footprint as the appetite from rights holders indicates significant demand to reach a global audience.
Recast CEO and founder Andy Meikle said: “The calibre of this investment group reflects the response from the rights holders around the world and Recast’s major potential, particularly as we’re just getting started. We’re often congratulated on how ‘disruptive’ our model is, but in our view the industry has already been disrupted and we’re providing a revolutionary solution.”
Alongside Meikle, Recast has recruited some highly regarded names in tech and sport including Simon Clegg CBE, former Chief Executive of the British Olympic Association, JC Oliver, former Global Head of Innovation at Microsoft, and Chris Stafford, former co-founder and Chief Technology Officer of Fanduel.
Clegg said: ‘To oversubscribe in the current climate and in such a short window is testament to the belief that an alternative model is needed and Recast offers that solution. We’re very pleased to welcome a great range of strategic investors to the cap table, which only strengthens our position as we expand our offering globally.”
Recast is already working with several high-profile rights holders and bodies – including golf’s European Tour, Manchester City FC, the World Parkour Championship and Hibernian FC – each using its technology to help maximise their earning potential from highlights, in-play clips and live events.
Recast’s BETA platform is live now.