Recast, the Edinburgh-based sports streaming platform that was pulled out of administration last year, has closed a $5 million funding round led by US venture capital firm Morpheus Ventures.

Additional investments were made by Airstream Ventures and US-based law firm Cooley.

Airstream Ventures, which was founded by Gavin Petken, the former head of investments at Business Growth Fund, and Ed Woodward, former executive vice-chairman of English soccer heavyweights Manchester United, has bolstered its initial investment.

The latest investment will “support further development of Recast’s API-centric smart payment platform and enhance its micro-payment wallet, facilitating the sale of digital commodities anywhere on the internet, beyond its current offering that supports monetizing video and live streams.”

Joseph Miller, managing partner of Morpheus Ventures, said: “Much like Shopify revolutionized e-commerce with its versatile platform, Recast is set to transform digital content monetization and distribution.

“This transformation is supported by Recast’s advanced smart payment platform and micro-payment wallet, which offer a level of flexibility and immediacy akin to PayPal. With our extensive knowledge and experience in the media sector, we are confident that Recast has developed the right product at the right time.”

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Petken added: “Recast’s proven data capture and monetization capabilities made our decision easy. With over 40% of the world’s population under 24 years of age, expanding leisure time, and a shift to direct-to-consumer models, particularly in sports, Recast’s model excels.

“With conversion rates of over 15% from destination landing to cash, Recast’s solution enables rights owners to quickly and seamlessly unlock latent value from customers. Recast will no doubt establish itself as a core enabling technology and is therefore a perfect fit for the Airstream Ventures portfolio.”

Recast fell into administration after failing to secure a funding commitment, which left it facing “significant cashflow challenges," despite the number of high-profile partnerships it had agreed to in the short time following its foundation.

Last October, the company was saved after its assets were acquired by Content Technology Partners.

Recast was then officially relaunched in November 2023 as a content distribution platform shifting its focus away from content hosting.

The Recast board will now be composed of Miller, Petken, and Andy Meikle, along with several independent industry and sector experts, including Scott Guglielmino (COO of X-Games) and Drew Larner (founding CEO of Rdio).

Meikle, Recast’s founder and chief executive, said: “Our fundamental belief has always been to ensure universal access to content while ensuring fair and immediate value exchange for everyone involved. However, our approach has evolved.

“What began as a streaming service has now transformed into a dynamic fintech platform for the entire media industry. At the heart of what we do is making it as simple as possible for media owners to quickly generate revenue and capture meaningful data without the acquisition costs, while consumers enjoy seamless and affordable access to content.

“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.”