Podcast ad platform RedCircle has raised $6 million in Series A funding round, the company said Thursday.
RedCircle, which launched in 2019, started by helping independent podcasters monetize with host-read or programmatic ads through its self-serve ad platform. The platform also enables direct listener payments for independent creators.
Now, RedCircle will use the funds to invest in expanding its product for the buy-side by creating more buy-side tools for advertisers, said CEO Mike Kadin.
“We spent the first year of the business focused on providing tools to podcasters,” he said. “As we did that, we saw all the pain that it takes to buy podcast advertising.”
He added that helping deliver ROI for brands will also help “put dollars in the podcasters’ pockets.”
Kadin said RedCircle already works with “the largest podcast media buying agencies” and their clients, but declined to name them.
The funding round, led by EPIC Ventures and Refinery Ventures, comes as the podcast industry continues to grow; Emarketer projects the US podcast ad market will reach $2 billion by 2023.