Online Portal to broadcast short audio clips to an audience worldwide, Anchor bags $10 million in its Series A Round of funding. The round was led by GV (Google Ventures), bringing its total raised funds to about $15 million. Accel, The Chernin Group, Eniac Ventures, Homebrew, Atlantic Records CEO Craig Kallman and others are participating.
Explaining the reason behind the investment, GV general partner M.G. Siegler, said:
Audio is having a moment. We’ve seen this with the rise of Amazon Echo, Google Home and Apple AirPods. Anchor is one of the companies in prime position to take advantage of all of this and move the audio space forward, in particular when it comes to interaction and production.
Further adding to that, Brian O’Malley, a partner at Accel, said:
The Anchor team is leveraging new technologies, like speech-to-text, to build a unique experience for people to collect thoughts and share them. We’re excited to deepen our relationship and continue to help them revolutionize this category.
Anchor FM Inc. was incorporated in 2015 and is based in New York. The company has developed an iPhone application to broadcast short audio clips. The startup aims to do that with easy to record and distribute content by its app.
On the development, Anchor CEO and co-founder Michael Mignano said:
We built the product to be the easiest way to create, share, and interact with audio. We’re seeing more and more regular people want to jump in and start creating audio.
The company also has a discovery platform, which allows users to find audio across categories like news, sports, music, and tech.
The company does not just provide a record button for recording, it also allows for users to make calls directly via the app, facilitating a podcast conversation with multiple parties. It also enables listeners to dial-in and participates.
The company also has the rights to music tracks through partnerships with Apple Music and Spotify. And it’s not just the web platform, everything can be posted on Apple podcasts, Google Play and devices like Alexa.