Blue Wire, a sports podcast company, has raised new funding founder Kevin Jones told Axios.
The round was led by Decathlon Capital. Jones did not offer more details on the total amount raised or the valuation it was based on.
The 6-year-old company cut its staff from 30 to 18 in recent months, including its marketing team that created custom content for podcasters.
Blue Wire had raised over $200,000 in a community fundraising round last year.
They have raised $12 million since 2020 from former athletes, including former NBA guard Baron Davis, along with venture capitalists and Wynn Resorts which came with studio residency with Wynn Resorts.
The investment is primarily for building proprietary technology to help podcasters run their businesses more efficiently. It’s also for recruiting more content creators and hiring more salespeople.
The deal is revenue-based financing with a five-year period to pay down the borrowed money, according to Jones.
Blue Wire is also ending a three-year partnership with Wynn Resorts, which will remain one of the company’s largest shareholders.
The move comes as Wynn ceases operations of its WynnBET service and iGaming platform across eight U.S. states.
Blue Wire reached profitability in October 2023 and is cash flow positive, Jones says. Profit margins improved 39% from 2022 to 2023, he adds.
The company works with more than 20 podcast networks, along with dozens of independent podcasters, including Action Network, All City Network, Betsperts, Fubo, and Sports Gambling Podcast Network.
