‘Screen-Free Audio Player for Children’ Yoto Announces $15 Million Raise, Eyes Aggressive International Expansion
Children’s audio platform Yoto has announced $15 million in additional funding and disclosed plans to spearhead an aggressive global buildout. Photo Credit: Yoto
Just months after revealing a $22 million injection, children’s audio platform Yoto has scored “a $15 million funding package” from HSBC UK and set its sights on an aggressive international expansion.
London-headquartered Yoto, now approaching its 10th year as a company, reached out with word of the $15 million raise. Put up specifically by HSBC UK’s Growth Lending Fund, the capital will help the Universal Music– and Warner Music-partnered recipient expand into additional markets, higher-ups signaled.
As things stand, Yoto operates in five countries, having launched in Australia this past July. Now, however, the self-described “screen-free audio player for children” has made clear that it’s “looking to increase its reach organically beyond these existing international markets.”
In terms of anticipated accomplishments, Yoto says the $15 million at hand will lay the groundwork for an almost 100 percent increase in its export volume as well as an adjacent revenue spike. “The business is expecting to double revenues as a result of the funding,” reads the relevant line from Yoto’s official release.
At the intersection of the export and revenue goals, manufacturing of the namesake Yoto Player and the content cards (each featuring an audiobook, a collection of songs, or different audio entertainment) it supports will ramp up as well, the business indicated.
North of 1,200 of these cards are already available for purchase, including greatest-hits volumes from Queen and the Beatles. On the appropriate website, the Queen and Beatles cards are available to purchase for a cool $14.99 apiece, with a 52-minute duration for the former and 29 minutes for the latter.
Elaborating on his company’s objectives for the newly secured funding, Yoto CFO Ben Averis emphasized the above-outlined “ambitions to become truly global.”
“This funding provides a great leverage point to build on our rapid growth. We have ambitions to become truly global – supporting more communities around the world and providing high-quality, child-centric audio content that fosters creativity and independence in young listeners,” communicated Averis.
“We were presented with various funding opportunities and are glad to have chosen to partner with HSBC UK. The bank’s strong trade links will help us scale our manufacturing and deliver even greater value to our customers,” concluded the Pricewaterhouse Coopers vet.
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