Augustus Media secures $400K in debt financing through P2P platform Beehive

Augustus Media secures $400K in debt financing through P2P platform Beehive 

By: Abu Dhabi SME Hub
News

Augustus Media will utilize the funding to invest in its team, product and services to continue expanding and driving profitable growth.

Augustus Media, a UAE-based media platform, has announced that it has secured $400K in debt financing through Dubai-based peer-to-peer (P2P) lending platform Beehive, Campaign ME has reported. With its core media brands Lovin & Smashi, Augustus Media has taken this opportunity to invest in its team, product and services to continue expanding and driving profitable growth.

This year, the company marks its 6th year of business in the media industry with intentions for further expansion and business development. Augustus Media has been profitable for the past 5 years on operating margins of 20%+. Additionally, the thriving media company forecasts revenue of $3.5 million for 2021.

Following Augustus Media’s profitability, Lovin is set to grow horizontally and launch across several new local news & entertainment territories around the region. Its streaming platform “Smashi” is also expanding vertically with new shows across gaming, crypto, sports and more. Additionally, the team is working on building custom studios in Dubai for the enhancement of product quality and content for its diverse audience.

Across Lovin Dubai, Lovin Saudi and Smashi apps, websites, social and audio platforms, Augustus Media has 6,000,000 social media followers, with one million readers monthly and they reach every social media user in the UAE at least once per week.

"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,” says Richard Fitzgerald, CEO Augustus Media.

“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,“ says Craig Moore, founder and CEO of Beehive.

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