The co-founder of a fast-growing audio news start-up revealed the company is planning to raise a seven-figure investment next year.
Founded in 2015 by CEO Gareth Hickey and CPO Shane Ennis, News Over Audio (Noa) offers users the ability to listen to professionally narrated content and news articles from renowned publishers, including Bloomberg, Financial Times, and Business Insider. Recently, the Dublin-based tech start-up secured the second tranche of its ongoing seed funding round, raising €500,000 from its existing shareholders. With intentions to raise an additional €300,000 by the end of November, the company is preparing for a substantial Series A round in the latter half of 2019 to support the next stage of its expansion.
Ennis disclosed, “It’s probably a little too soon to say but it will certainly be in the seven figures – that’s the range that we have in our heads.” This new funding will enable Noa to expand the number of publishers available on its platform from five to twelve by the end of the year. Furthermore, the company aims to grow its team from 15 to 40 members across the US, UK, and Ireland by the end of 2019.
Dubbed as the “Spotify for news,” Noa claims to be the largest producer and provider of audio-journalism globally. Ennis explained, “When we look at the global success of platforms who are doing simple things really well – be it Spotify, Uber or food apps like Just Eat and Deliveroo – their global reach is really strong and we’re quite motivated by that.” The long-term goal is to create a global product by partnering with as many high-quality publishers as possible.
Currently, London stands as Noa’s largest market in terms of listeners, followed by Dublin. The company is also looking to establish a presence in other major English-speaking markets, including New York, and plans to begin testing a German-language version of its service later this year. “As we raise more money and hire more talent over the next 12 months, it’s going to allow us to build a really strong and comprehensive offering and enhance that end-user experience,” stated Ennis. “We have a clear vision of the exact product we want to build.”
Noa’s ambitious plans to expand its platform and team demonstrate a forward-thinking approach in the audio news sector. With substantial funding on the horizon, the start-up aims to solidify its position in the global market.