Locked On Podcast Network Secures New Funding to Closeout Breakthrough Year
PRESS RELEASE — November 27, 2019
Park City, Utah – Locked On Podcast Network today announced the closing of its first round of financing including investment from a strategic group of digital media investors, led by former Disney Interactive Media Group CFO Bruce Gordon, leading podcast investor Podfund and Utah based Summit Capital. Locked On’s explosive growth from bootstrapped business to one of the leading sports podcast networks in the country in just three years attracted the outside funding. The company will use the capital to pursue its aggressive growth plans, build out its sales team and focus on producing quality podcasts.
The diverse collection of investors speaks to the unique opportunity that Locked On is pursuing. “What makes this investment particularly interesting is the way the company brings elements of local media, local and national advertising and digital media together in the burgeoning podcast medium,” explained Gordon. “Locked On has carved out a valuable and sizable segment targeting local sports passion with short, daily podcasts at a time when the industry was looking in other directions. From here, they now have multiple opportunities for growth.”
Podfund is the leading investor focused exclusively on supporting independent podcast creators, studios and networks.
The round of investment, totaling seven-hundred and fifty thousand dollars, was rounded out by Summit Capital, an active middle market private equity investor in Utah. Although not typically a digital media investor, the hometown connection was too hard to pass up. “We know David as the voice of the Utah Jazz and have watched him build a market leading podcast network from the ground up, in our own backyard,” explained David Lillywhite, Managing Partner of Summit Capital. “We look forward to lending our expertise to David and the entire Locked On team as they continue to build upon the excellent network they have created.”
The Locked On Podcast Network was an early pioneer in the sports podcast category. The company continues to gain altitude and advertisers thanks to a disciplined execution of its daily, local team podcast model serving NBA, NFL, MLB, NHL and college sports fans. The network now delivers more than 140 unique sports podcasts producing daily episodes for more than 60 markets across the U.S. and Canada
"On-demand sports audio is a dynamic category with a ton of room for growth and innovation. We’re really impressed with founder David Locke and his team, and are excited to be investors in the business,” said Jake Shapiro, Podfund CEO.
About Locked On Podcast Network
The Locked On Podcast Network is the nation’s #1 producer of daily, local sports podcasts and a top producer of podcast episodes in the country. Locked On covers NBA, NFL, MLB, and NHL teams, as well as leading major college sports teams and conferences. Locked On’s more than 140 daily podcast shows, each producing daily episodes, reach avid sports fans wherever they live. The company also produces league-wide podcasts covering the major sports leagues and has some of the industry’s top-ranked draft and fantasy sports podcasts. Locked On’s audience has more than doubled every year since 2016 and is now among the top five podcast networks in sports media. For more information, visit www.lockedonpodcasts.com
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