Flocasts to invest $8M funding to expand into other sports

Oct 22, 2014
Austin Business Journal

Flocasts Inc., a sports media startup, plans to use its recent $8 million round of financing to hire additional employees and buy equipment needed to expand into other sports

The Austin-based company covers gymnastics, track and field, wrestling and elite fitness competitions online. But it's now considering doubling the number of events it covers with sports such as volleyball or lacrosse, Chief Marketing Officer Mark Floreani said

In September, Flocasts reported collecting the funding from two investors, according to a filing with the U.S. Securities and Exchange Commission. The startup subsequently announced Causeway Media Partners as one of the investors

Flocasts, founded in 2006, covers niche sports and produces documentaries. It generates revenue from advertising and subscriptions of $20 per month or $50 per year. The company employs 60 workers but Floreani expects that number to reach 100 in the coming months

Floreani, who co-founded the company with his brother Martin, the CEO, and Madhu Venkatesan, said Flocasts covered 100 events this year compared with 200 planned events next year

Though the company's growth has been slower than initial projections, Floreani said he is pleased with the reception from fans of sports not regularly covered by mainstream media

"We always thought it would be big," he said. "We want to go a lot bigger. The reaction we get in the field, our employees are like celebrities. It's always super how the (sports) community appreciates what you do."

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