Auddia Announces New Financing Arrangement

Auddia Inc. — the developer of a proprietary AI platform for audio and “innovative technologies for podcasts” that believes it is “reinventing” how consumers engage with audio, has closed on $3.5 million of new financing by selling 1.3M common shares from its previously announced equity line.

Theo Romeo, Chief Product Marketing Officer for Auddia, said the financing allows the company to lock products including its pay-for-commercial free broadcast radio app faidr “into our roadmap in an ongoing effort to improve the user experience and performance metrics.”

Further, the company believes that by strengthening the balance sheet and improving the “premium listening experience” available on faidr, which includes commercial free AM/FM listening with the ability to skip content and the enhanced podcast listening experiences facilitated by Seamless Play and Forward+, Auddia is better positioned to execute on a merger and acquisition strategy.

“One of the key synergies that makes our M&A strategy so attractive is upselling premium subscriptions to consumers already listening to standard AM/FM streams and podcasts,” said Michael Lawless, Auddia’s CEO. “We expect that everything we do to enhance the premium experience on faidr will translate directly to increased subscriptions not only from our own user base but from the user bases we are able to acquire and those we are able to reach through our upcoming SAAS offerings.”

Following the equity line activity Auddia has 2,150,337 common shares outstanding as of March 15, 2024.