Augustus Media raises $400,000 in debt financing
- Dubai-based new media startup Augustus Media has raised $400,000 in debt financing led by crowdfunding platform Beehive.
Founded in 2016 by Richard Fitzgerald, Augustus Media owns two media brands - Lovin, a local news and lifestyle platform and Smashi, a business, tech and culture streaming platform.
Augustus Media has been profitable for the past five years on operating margins of more than 20 per cent, forecasting revenue of $3.5 million for 2021.
The startup aims to use the investment to grow its team, product and services and continue expanding and driving profitable growth.
“The choice of debt financing suits the way we operate and our profitability. Ultimately the belief that we have in our modern media business, and our ambitions for the region, leads us to decide that debt is much cheaper than equity at this juncture for Augustus Media,” says Richard Fitzgerald, CEO of Augustus Media.
Source: Campaign ME
Augustus Media announces debt financing through the use of Dubai-based Beehive P2P Limited (Beehive). With its core millennium focused media brands Lovin & Smashi, Augustus Media has taken this opportunity to invest in its team, product and services to continue expanding and driving profitable growth.
This year, the company marks its 6th year of business in the modern media industry with intentions for further expansion and business development. Augustus Media has been profitable for the past 5 years on operating margins of 20 per cent plus. Additionally, the thriving media company forecasts revenue of $3.5 million for 2021.
Following Augustus Media’s profitability, Lovin is set to grow horizontally and launch across several new local news & entertainment territories around the region. Its streaming platform “Smashi” is also expanding vertically with new shows across gaming, crypto, sports and more. Additionally, the team is working on building custom studios in Dubai for the enhancement of product quality and content for its diverse audience.
Across Lovin Dubai, Lovin Saudi and Smashi apps, websites, social and audio platforms, Augustus Media has 6,000,000 social media followers, with one million readers monthly and they reach every social media user in the UAE at least once per week.
“Financial discipline is key to running a modern media company, and Beehive has been an excellent partner for us over the years, therefore we are delighted to secure another round of financing through the platform.
The choice of debt financing suits the way we operate and our profitability. Ultimately the belief that we have in our modern media business, and our ambitions for the region, leads us to decide that debt is much cheaper than equity at this juncture for Augustus Media,” says Richard Fitzgerald, CEO Augustus Media.
“We’re delighted to have facilitated another funding round for Augustus Media helping support their continued growth in the region. Their improved rating means lower financing costs and is a testament to how businesses can help achieve their ambitions accessing faster financing with Beehive’s digital lending platform,“ says Craig Moore, founder and CEO of Beehive.