The Seed Round of Funding Is Led by Private Investors to Support Deployment of XAPP Ads Platform
XAPPmedia, provider of the first interactive audio advertising service, today announced that it has raised $3 million in seed funding, fully subscribed by private investors. This funding round will support the development, launch and wider deployment of the XAPPmedia advertising platform, XAPP Ads. Since XAPPmedia’s initial announcement in late March, the company has successfully launched the interactive audio advertising service with National Public Radio (NPR) and will expand the service to several other publishers throughout 2014.
“XAPPmedia identified a key Internet radio audience in Ultramobile listeners – consumers who are using mobile devices for audio content while engaging in other activities. Ultramobile audio consumers require a hands free, eyes free experience and that includes advertising,” said Frank Raines, a primary investor, Executive Chairman and Co-founder of XAPPmedia. He added, “Publishers need technology that enables consumers to interact with audio advertisements using only their voice. Based on my experience serving on boards for Fortune 100 companies and startups alike, I look to invest in businesses with technology portfolios that address significant shifts in consumer behavior. XAPPmedia can play a central role in the Internet audio revolution in progress today.”
This round of funding has been applied to developing and extending the XAPP Ads platform, a service that connects consumers with brands by allowing listeners to interact with audio ads using only their voice.
“This first funding round represents a strong vote of confidence in XAPPmedia’s ability to provide publishers, advertisers and consumers with the first interactive audio advertising experience,” said Pat Higbie, CEO and Co-founder of XAPPmedia. “We will use this round to further enhance our technology patent portfolio and provide our customers, Internet radio publishers and advertisers, with a more effective way serve advertising content to Ultramobile consumers.”
About XAPPmedia
XAPPmedia™ is the leader in interactive audio advertising and is the first company to Give Consumers a Voice™ allowing instant connections with brands through mobile audio apps. XAPP Ads™ present branded content followed by an opportunity for consumers to interact with ads by voice to receive more content, be connected directly with offers or get back to more listening. Unlike other mobile ad formats, XAPP Ads are effective even when consumers are ultramobile, which means they are listening but cannot interact with a mobile screen visually or by touch. The immediate voice conversion opportunity brings more value to advertisers and increases ad unit yield for audio app publishers. XAPPmedia was founded in 2012 and is headquartered in Washington, DC.
About Frank Raines
Frank Raines is Executive Chairman and co-founder of XAPPmedia. In that role he provides strategic guidance, assists in marketing and fundraising, and leads the board in oversight of the management team. Frank is the retired Chairman and CEO of Fannie Mae and previously was a General Partner of the investment bank Lazard Freres & Co. He was also the Director of the Office of Management and Budget in the Clinton Administration. He has served on the board of Directors of six Fortune 100 companies including AOL and Pepsico. Frank also served as Co-Chairman of the Business Roundtable and Vice Chairman of the Business Council. Frank has been an investor and board member of several start-up companies including Revolution Health (merged with Everyday Health), Revolution Money (acquired by American Express), Extend Health (acquired by Towers Watson), and Exclusive Resorts.
Bret Kinsella
bret@xappmedia.com
(202) 556-0228
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