Eight months ago when I was explaining what podcasting was to everyone I knew, the comment that always came up was, “but who will pay for this stuff?” Well, venture capitalists in Silicon Valley showed that they will.
PrivateEquity Weekly reported this today:
There is little that gets Valley girls and boys as hot and bothered as when an Internet company gets funded by both Sequoia Capital and Kleiner Perkins Caufield & Byers. So it’s worth noting that the iconic venture shops have participated in an $8.85 million Series A round for PodShow Inc., according to a regulatory filing. For an added bonus, both John Doerr and Ray Lane have taken board seats, joining both Jerry Newman of Bear Stearns and omnipresent angel investor Ram Shriram (Google, Plaxo, Zazzle, etc.), who is representing shareholder Harris MyCFO Inc.
PodShow is a Miami Beach-based company focused on the development, management and promotion of online audio programming, with an obvious focus on the podcasting phenomenon. It seems to be the renamed version of Boku Communications, which was launched last year by Ron Bloom and “The Podfather” Adam Curry (who was the MTV VJ with whom I grew up).
I can say with 100% confidence that I have no idea whether or not this is a good investment, in part because of my disinterest in buying an I-pod or having much interest in podcasts in general. After all, don’t I have enough to read without feeling obligated to begin listening to lots of content? (Luddite-related: I also don’t understand the digital camera phenomenon. I only bought my first one before going to Italy, and have been tremendously disappointed with what seems to be a higher-cost, lower-quality alternative to the standard 35-milimeter). Maybe it’s just an East Coast thing and I’m just suffering from tech jetlag. In other words, no basis for deal analysis here, but I figured you’d want to know it happened.
Did you catch that? Nearly 9 MILLION DOLLARS is being thrown at podcasting. Okay, so now that the money is starting to flow in large chunks (Sirius Satellite Radio and Absolut Vodka stepped up to the podcasting plate months ago,) the only problem is one of my other rants.