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TheStreet Open House

Online Streaming And Syndication Company Spondo Raises AU $1 Million













MELBOURNE, Australia, April 22, 2013 /PRNewswire/ -- Before heading to the U.S. for the first leg of a two-month fundraising sojourn, Spondo Global CEO & Director Chris Adams headlined a series of fundraisers in Melbourne with Board Chairman Henry Pinskier that helped Spondo cross the AU $1 million (US $1.03 million) funds-raised threshold, surpassing the startup's own fundraising goals and enabling it to continue its aggressive push for growth. Spondo, a social broadcasting startup, provides a syndication platform through which retailers can sell and stream video on any website or blog.

In a flurry of activity centering around the Spondo Annual General Meeting in Melbourne, the Spondo leadership team rolled out a series of detailed presentations and company materials that, judging by the sums raised, hit their mark in conveying the innovative and paradigm-shifting business model that Spondo has created. The Wall Street Journal reported in February that the startup was seeking to raise AU $5 million (US $5.1 million). Now, just 60 days later, the company has raised AU $1 million, before tapping the V.C., Private Equity and private investor markets.

The funds raised will help the company to pursue its quest for global growth, including opening an office in Los Angeles later this month. The prodigious fundraising haul will also enable the company to invest in larger content offerings, to hire additional staff and to increase marketing efforts, especially in the digital realm.

Commenting on the company's fundraising success while shuttling between meetings in Los Angeles this week, Spondo Global CEO & Director Chris Adams said, "I am ecstatic about the results of our initial fundraising push. Our success thus far is a testament to the strength of our business model, the Spondo team, the opportunities presented by an ever-changing media market and the talent and determination of our staff. Hitting the AU $1 million milestone is a great way to cap what has been an incredibly intense and productive few months and I want to thank everyone who has helped us get this far, staff and investors alike."

Gerhard Sieber, an early Spondo investor and CEO of Berlin-headquartered media company Icestorm Entertainment added, "I am happy to have been able to be a part of Spondo's early fundraising efforts and am glad that other investors have come to understand the opportunity presented by Spondo's business model and market position. Spondo represents the future of commercial broadcasting, enabling anyone with a website or Facebook page to become, in effect, his or her own network. Icestorm and I have embraced the Spondo model and know that with it, we can grow exponentially."

1. About Spondo

Spondo provides a social broadcasting platform for anyone with an online presence to capitalize on his or her existing audience and grow revenues by syndicating streaming video, audio or other digital content on his or her website, Facebook page or blog.

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