WorkCast takes £850K for webcasting development

Funding

WorkCast Corporation has secured a £850,000 investment in a round led by NorthStar Equity Investors (NSEI), to support the development of its technology and boost sales and marketing.

WorkCast’s software, Webcast Manager, allows users to create, edit, and distribute business webcasts. Customers can produce webcasts and webinars from a variety of elements, such as web meetings, PowerPoint presentations, webcams and video conferences. The webcast can then be integrated into standard business processes and communications.

WorkCast Chief Executive, Gerard Callaghan, said, “This is a major vote of confidence from NSEI in our product and our company. In this recessionary time, to have successfully attracted such significant investment is a tribute to the work that has already been done and a huge boost for further growth and development.”

Michelle Cooper, Investment Manager, NSEI, which is a fund run on behalf of the regional agency One North East and the European Regional Development Fund said, “Our proof of concept team saw the potential in WorkCast earlier this year and invested £60,000 initial seed funding.” These proof of concept investments are in the form of a convertible loan to provide capital at the earliest stages of business creation.

WorkCast was formed in 2008 by executives from the IT industry to develop a business webcasting platform to meet the need for on-demand rich media content driven by the popularity of consumer services such as the BBC iPlayer.