$5.5 Million for PodTech.Network, Inc.Justin Hibbard
Another podcaster has scored VC funding. One-year-old PodTech.Network, Inc. in Menlo Park, Calif. has raised $5.5 million from Venrock Associates, U.S. Venture Partners, and angel investors. With no prior media or radio experience, founder and 20-year tech-biz alum John Furrier began interviewing friends and acquaintances in the industry last year and posting the podcasts under the title InfoTalk. "I just did what felt best and what I would want," Furrier says. The podcasts have gained a following with listeners who seem to like that Furrier is one of them and produces the podcasts the way they would produce them (i.e. not the way we media weasels produce them). The company aims to make money from sponsorship of its original content and by distributing "paid content" (i.e. advertising) for companies or individuals. Furrier stresses that paid content--including podcasts hosted by people who feel they haven't been getting enough mainstream media exposure--will be clearly labeled as such.