Big Plans Ahead for Dubai’s Augustus Media After Debt Financing Round
The new media startup is already in the middle of aggressive growth of its two brands, with this latest fundraise setting it up for expansion.
Dubai-based new media startup, Augustus Media, have big plans ahead after announcing a a $$400K debt financing round led by P2P crowdfunding platform, Beehive. With the funds, the startup intends to expand its team, product and services, but the more interesting element of Augustus Media’s growth is the establishment of custom studios in Dubai intended to enhance product quality and content.
Founded in 2016 by Richard Fitzgerald, Augustus Media operates two brands: local news and lifestyle platform, Lovin; and business, tech and culture streaming platform, Smashi. Through those two brands, the startup has gained one million monthly readers and six million followers across their social media platforms.
According to Fitzgerald, the growth of both brands has been in the works for some time now. Lovin is set to grow horizontally and launch across a number of new local news and entertainment territories around the MENA region, while Smashi is set to grow vertically, with new shows set to cover gaming, sports, crypto and more.
Critically, the investment comes as another example of the increasing demand for alternative methods of funding - a need that is growing across the MENA ecosystem.
“The choice of debt financing suits the way we operate and our profitability,” Fitzgerald commented. “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.”