Social Media Startup Colorcast Pulls in $1.5 Million in Pre-Seed Round

Microphone in a studio.

Numerous social media platforms enable users to broadcast their opinions, present their ideas, and share their reactions to a wide audience. Startup company Colorcast recently secured $1.5 million from investors to help its business build a “social sports talk app.”

Support From Investors, Celebrities, and Athletes

The latest round of financial support for the startup business was bolstered by contributions from a number of investors, including New York-based investment group Tribeca Early Stage Partners, Los Angeles-based venture capital firm VoicePunch, Denver-based firm Hilltop Venture Partners, and San Francisco-based Connetic Ventures.

“We’ve seen a number of different companies try to move into the social audio space, but none have done it as effectively as Colorcast,” said John McEvoy, the managing partner at Tribeca Early Stage Partners. “The Colorcast team has targeted a specific vertical and is building communities and feature-sets around that vertical. It’s fascinating.”

With the funding acquired from investors during the round, the social media company plans to break into new sports markets with its app. Additionally, Colorcast aims to expand its talent acquisition team and “diversify its offering.”

Alongside the successful pre-seed funding round, the startup business also announced that its social media app is being used by a number of celebrities and athletes. Former Steelers linebacker Ryan Shazier, former Steelers cornerback Ike Taylor, Falcons fullback Keith Smith, and rapper Vic Mensa are among some of the notable users mentioned by the social media business.

“We’re just getting started, but the traction we’ve seen is incredibly promising, and we can’t wait to pour some more gasoline on the fire,” stated Evan Kirkham, co-founder and CEO of the startup company.

Live Reactions to Live Events

Kirkham founded the social sports talk business along with entrepreneur Peter Reggio in 2019. Launched on the Apple App Store in November 2020, the sports talk app allows users to share their live reactions to events in real time with just their phone and television.

In order to start casting, users simply need to open their social media app and select the live sports event that they are watching. The social media platform built by the startup company also provides users with a variety of stats on the event, such as the current score or betting odds.

Colorcast also allows users to tune into broadcasts hosted by their friends, current and former athletes, or celebrities and join the discussion via a live text chat, similar to platforms like Twitch and Youtube Live.

Taking Hold of the Market

The startup company is tackling a growing market with its live sports commentary app. Colorcast seems to be taking elements from live streaming platforms like Twitch and combining them with the popular audio podcast format.

Market research expects the global podcasting market to reach nearly $95 billion by 2028. The industry is expected to register a CAGR of 31.1% over the forecast period. Meanwhile, sports viewership has expressed continued staying power. Sports network ESPN reported it had 11.5 million ESPN+ subscribers in 2020.

The startup business will likely face competition from live streaming services provided by the likes of Twitch, YouTube, and Facebook. However, the company does set itself apart from its competitors as a purpose-built sports commentary platform rather than the standard video-based streaming platform.

James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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