Independent sports podcast company Blue Wire has launched a community fundraising round to expand its operations, in partnership with crowdfunding company WeFunder.
The goal of the community fundraising round, which allows fans and other private investors to purchase equity in the business, is to raise $1 million, with a $25 million valuation cap. The funding will be put towards plans to expand the company’s operations by expanding its portfolio and developing software to support its network, the company said.
“Blue Wire is offering individual investors the opportunity to join our movement,” said founder and CEO Kevin Jones. “Independent podcasters are building thriving content businesses, and our infrastructure can support this explosive growth.”
“In a market dominated by major conglomerates and publishers, Blue Wire is building a different type of business. We believe in ‘strength in numbers,’ and this crowdfunding campaign further highlights this core value.”
Blue Wire’s network features over 500 creators and 300 individual podcasts, including titles like fantasy Premier League podcast Always Cheating and American Prodigy: Becoming Great with two-time Super Bowl champion Chris Long. Blue Wire also monetises the podcasts through connecting them with advertisers which have included big brands such as Coors Light, Pepsi, and Visa, as well as content partners such as Wynn Resorts, Action Network, and Fubo Sports.
Its most recent partnership was with the Sport Social Podcast Network, giving both companies the opportunity to advertise across each others’ networks.
Previous investors in the company have included Wynn Resorts, East Carolina University, and sports players like former NBA star Baron Davis.
“I looked at Blue Wire and said this is a perfect opportunity to be in the podcast space,” said Davis. “The company has great vision, great intuition, and they care about what they’re building.”