- November 17, 2020
- Posted by: Stratford Team
- Category: Markets
AudioMob cofounders Christian Facey (left) and Wilfrid Obeng
- In-game advertising startup AudioMob has raised a $2 million seed funding round backed by the likes of Warner Music and Atomico.
- The firm was founded earlier in 2020 by Christian Facey and Wilfrid Obeng, who met while working at Google’s London headquarters.
- The firm is a veteran of Google For Startups, the tech giant’s accelerator program for up-and-coming firms.
- Speaking to Business Insider, CEO Facey said fundraising during the COVID-19 pandemic had been an ‘educational’ experience.
- Visit Business Insider’s homepage for more stories.
AudioMob, an in-game advertising startup based in London, has raised $2 million in a seed funding round backed by Warner Music and Atomico.
Founded earlier this year by CEO Christian Facey and CTO Wilfrid Obeng, who met while working at Google, the startup offers advertisers a fully functioning platform to place “non-intrusive” audio ads in mobile games.
There’s a huge global market for audio ads with Spotify CEO Daniel Ek citing the industry’s $18 billion turnover in the US in an interview with Bloomberg earlier this year.
The firm is currently taking part in this year’s Google For Startups program, in which the tech giant offers promising up-and-coming firms mentorship and a slew of industry connections.
Speaking to Business Insider, Facey, who also previously worked at Facebook’s London office, revealed how fundraising amid a global pandemic had been a “mixed bag”. He said: “It’s been educational. Half of our clients are advertisers and they were hit really hard.”
He added: “But we’re in a space where investment deals are still being triggered … It was just a case of figuring out how we were going to keep growing in the context of COVID-19. We’ve got investors we’ve never met in person, and that feels kind of normal now.”
AudioMob recently commissioned a survey with polling agency YouGov, which found almost a third (28%) of UK adults would prefer a free mobile game with audio ads compared to a free game with video ads (18%).
Cofounder Obeng said working from home had given him the space to focus on growing the business. “There weren’t any distractions, so we really homed in on trying to improve the product,” he said.
The fundraising money, which came together with additional support from Supernode Global, will be ploughed into further R&D and boosting the firm’s current six-person headcount.