Recast has successfully secured $5 million in a funding round led by US venture capital firm Morpheus Ventures. This investment will support Recast’s transformation from a streaming service to a micropayment platform for the sports industry.
Participants in the funding round include Airstream Ventures, co-founded by former Manchester United vice chairman Ed Woodward, and Cooley. As part of the investment, Joseph Miller from Morpheus Ventures and Gavin Petken from Airstream Ventures have joined the Recast board, along with industry experts like X Games COO Scott Guglielmino. The new service offering will feature a smart payment platform, a smart syndication engine, and a micropayment wallet.
Initially, Recast aimed to help rights holders monetize their content and adapt to shifting consumption habits. Fans could access live events, highlights, and original content by earning or purchasing credits, with Recast offering a fairer revenue share than other platforms. High-profile partnerships with Manchester City, Inter Milan, and World Curling lent credibility and demonstrated the platform’s potential to the industry. However, the company went into administration in 2023 after a promised investment failed to materialize.
Recast’s assets were acquired by Content Technology Partners (CTP), a venture backed by Recast founder Andy Meikle and Ed Woodward, enabling the company to exit administration. The goal now is to apply Recast’s core principles to various types of content and fan engagement, not just video, opening new monetization opportunities for sports organizations.
Recast’s CEO, Andy Meikle, stated, “Our core belief has always been to provide universal content access while ensuring fair and immediate value exchange. Our evolution has turned us into a dynamic fintech platform for the media industry, simplifying revenue generation and data capture for media owners without high acquisition costs, and offering seamless, affordable content access for consumers.”
Joseph Miller from Morpheus Ventures added, “Recast is set to revolutionize digital content monetization and distribution, much like Shopify did for ecommerce. With our smart payment platform and micropayment wallet, Recast offers flexibility and immediacy similar to PayPal. We believe Recast has developed the right product at the right time.”
The funding will be used to expand Recast’s smart payment platform and micropayment wallet to include all types of digital products.
