[UK/Wales] It feels like these guys have been on the fund-raising trail forever. But finally SubHub, the platform for subscription content websites, has closed a significant funding round. Led by commercial funder, Finance Wales, alongside Angels including Simon Murdoch and David Hulston, SubHub now plans to expand its website building and monetisation tools and service.
The startup has done well out of formally locating it’s business to Cardiff, Wales – although not all the management actually live there, admittedly. Historically it took plenty of grant funding from the Welsh Assembly Government which pumps money into the local economy. Total funds raised by the company has been over $1.2 million. Of course it also has revenues from its paid-for platform. The company is not disclosing the exact, but say it’s the “largest single chunk of the total $1.2 million raised to date.” We estimate it’s in the region of £500,000. They’re calling this a Series A, but that appears to apply to the total amount raised to date.
Miles Galliford and co-founder Evan Rudowski (ex founder of Excite UK, if anyone remembers Excite) thus remain the company’s largest individual shareholders and key management.
SubHub’s pitch is that its easy to build and manage a professional content website, and charge membership and subscriptions; paid downloads; advertising; affiliates; e-commerce and other options. Niche magazines like Cruise International use it. Presumably these titles feel secure enough from the threat of free-to-air blogs to go for subscription platforms.
Customers pay a monthly or annual fee to use the SubHub platform, and can purchase additional support or services. Most of its customers are in the the US and UK.
Murdoch is a serial entrepreneur and investor who has backed LoveFilm, Shazam, Betfair and StormForward, among others.
Also joining the board as a non-executive director is David Hulston, who was a founder-director of Scipher plc and a member of xénos, the Wales Business Angel Network.