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Founded in 2016 by Richard Fitzgerald, Augustus Media operates and publishes two media brands - Lovin, a local news and lifestyle platform, and Smashi, a Business, Tech, and Culture streaming platform. The media startup has been profitable for the past five years on operating margins of more than 20% forecasting revenue of $3.5 million for 2021.
With more and more MENA-based startups seeking Debt Financing to expand their operations, including UAE-based FinTech startup Tabby and HealthTech startup Sehteq, the options of alternative fundraising will keep on growing especially with the recent launch of the $100M 'YAS' Liquidity Venture Debt Fund. However, based on MAGNiTT's UAE H1 2021 Venture Investment Report, Venture Capital in the UAE is still alive and well observing an almost 70% growth in funding YoY in the first half of 2021.
This debt investment comes at a time of growth for the UAE-based new Media Startup. The news & lifestyle platform ‘Lovin’ is set to grow horizontally and launch across several new local news & entertainment territories around the region. While streaming platform “Smashi” is also expanding vertically with new shows across gaming, crypto, sports, and more. Commenting on this financial move, Richard Fitzgerald, CEO Augustus Media elaborated “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,”
With 1M readers monthly and 6M followers across social media platforms, Augustus is planning on utilizing its newly acquired funds to grow its team, product, and services, as well as continue expanding and driving profitable growth. Additionally, the team is working on building custom studios in Dubai for the enhancement of product quality and content for its diverse audience. In light of this new investment, Craig Moore, founder and CEO of Beehive concluded “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.“
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