Spreaker, an Italian music startup that offers an application for creating and sharing live audio content on the Internet, has raised €300k in an angel round. The funding comes from 11 Italian angel investors, and was closed through IAG (Italian Angels for Growth), an independent association born in 2007 with 60 business angels.
With Spreaker, users become Radio DJs and host personal radio shows that can be streamed live and listened to through a widget which supports all the major social media and mobile platforms. Spreaker went live in ‘beta’ at the beginning of the year. They claim 10,000 users transmitting music, news, live sports reports etc. Visitors are around the 200k mark, and they can both listen and interact with the content.
Spreaker are to soon launch an iPhone and iPad app offering a “professional” DJ console similar to the current web-based version. The new capital will be used for further product development and marketing, while the business model is advertising.
“We decided to invest in Spreaker for the innovation of the product, the ability of the team to execute and because we think that it has the potential to be a commercial success in all of the world’s markets, where the media and music industries are in a revolution” says Antonio Conati Barbaro, the IAG member who led the round.
As of today, IAG has examined more than 800 business plans and has invested in 20 of those at around €8m in aggregate.