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Skype backer and former Manchester United boss among $5m Edinburgh ‘fintech-for-media’

An Edinburgh-based ‘fintech for media’ platform has closed a $5m (£3.9m) funding round led by Los Angeles-based venture capital firm Morpheus Ventures, a former backer of Skype and FanDuel.

Recast said the investment will support the further development of its smart payment platform and enhance its micropayments wallet, making it easier to sell digital commodities anywhere on the internet and beyond its current offering, which primarily supports monetization of videos and live streams.

The round was led by Morpheus, while other backers included Cooley and Airstream Ventures, founded by former BGF chief investment officer Gavin Petken and former Manchester United executive vice-chairman Ed Woodward.

Petken will join Morpheus managing partner Joseph Miller and Recast chief executive Andy Meikle on a reorganized board following the deal.

Petken said, “Recast’s proven data capture and monetization capabilities made our decision an easy one. With cash-to-cash conversion rates of over 15 percent, Recast’s solution enables rights owners to quickly and continuously unlock latent customer value. Recast will undoubtedly establish itself as a critical enabling technology and is therefore a perfect fit for the Airstream Ventures portfolio.”

Miller added: “Just as Shopify revolutionized e-commerce with its versatile platform, Recast is poised to transform the monetization and distribution of digital content. This transformation is supported by Recast’s advanced smart payment platform and micropayment wallet, which offer a level of flexibility and immediacy similar to PayPal. With our extensive knowledge and experience in the media industry, we are confident that Recast has developed the right product at the right time.”

Meikle added: “What started as a streaming service has now transformed into a dynamic fintech platform for the entire media industry. With Cooleys’ legal prowess, Airstream Ventures’ deep connections in sports, media and entertainment, and Morpheus Ventures’ impressive track record, experience and extensive network, particularly in the US, I know we have the right strategic ingredients to realize our vision.”

The funding round comes after Recast entered administration last September, attributed to key funding from a “major investor” failing to materialise. Its assets were sold by administrator Interpath Advisory to new owners Content Technology Partners.