- Funding will be used to develop Recast’s video platform and expand company’s geographical footprint
- Other investors included Riva Technology and Entertainment and Visor International
- Recast is already working with European Tour, Manchester City, Hibernian FC and World Parkour Championship
Edinburgh-based sports over-the-top (OTT) platform Recast has seen its valuation grow to US$29 million after raising US$8.2 million in its Series A funding round.
Investors in the funding round included Simon Bax, the former chief financial officer at Disney-owned computer animation studio Pixar, as well as West Indies cricket great Chris Gayle, gaming, technology and entertainment group Riva Technology and Entertainment, and private equity firm Visor International.
The funding will primarily be used to further develop Recast’s video platform, which enables rights holders to set up and run their own direct-to-consumer channel for free without the upfront costs of establishing their own OTT service.
Recast, which was founded in 2018 and has its platform currently in Beta mode in the UK, will also use the investment to expand its geographical footprint. The tech startup also plans to grow its team to 70 across its offices in London and Edinburgh.
“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,” said Andy Meikle (pictured above, centre), Recast’s chief executive and founder. “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.”
Rather than purchase sports rights itself, Recast instead offers rights holders the opportunity to connect directly with fans by publishing all their content – ranging from short-form clips to full live games – on the platform.
Value is exchanged through microtransactions using in-app credits called ‘Casts’, which users can earn through their engagement by watching adverts and ‘recasting’ content to their followers. Rights holders are also able to cash out the credits paid to them for their content.
Among the rights holders and sports bodies currently using Recast are soccer clubs Manchester City and Hibernian, golf’s European Tour and the World Parkour Championship.
Commenting on his decision to invest in the platform, Bax said: “The speed at which Recast has developed its product offering and garnered global interest from rights holders since inception, especially in the last six months, is incredibly exciting. This round and those involved will both support and accelerate Recast’s trajectory.”