AirMedia reported selling 57% of its debt issuance via a subscription which launched yesterday. According to the information disclosed, six subscribers ponied up $400,000 out of the $700,000 the company expected to raise. $300,000 in additional funding can be raised before March 2015 based on the placement’s structure. The company hasn’t previously offered unregistered securities.
AirMedia is a sports content syndication platform. The company aims at providing users with a network which will allow them to reach traffic standards demanded by video advertisers. It currently offers two products. AirMedia Syndication where users are able to broadcast proprietary content along with their advertisers to leading portals, premium blogs and top sports sites. AirMedia Content Discovery is designed to increase (in volume and relevancy) web traffic by pointing leading sports portals, sites and blogs audience back to the users original content.
The company, headquartered in Culver City CA, was registered this year. Revenues remained undisclosed.
The executive team includes David Lucas “Luke” McDonough (Co-founder and CEO), Doug Neiman (Co-founder and CRO) and Lynn Gabbay (Co-founder and CTO).
Status: First close
Industry: Other Technology
Amount offered: $700,000
Amount placed: $400,000
First sale: 03-04-2014