Led by new coming investor Northzone, with support from existing investors, including Spark Capital, Foundry Group, Accel Partners, and Greycroft Partners; Sourcepoint has closed a $16 million round in Series B funding. This latest round brings the total raised since the company’s launch in June 2015 to $26 million.
Pär-Jörgen Pärson, General Partner at Northzone led the investment and will also join Sourcepoint’s Board of Directors. Pärson, who serves on the board of successful digital businesses including Spotify, an award-winning music service offering a legal and superior quality alternative to music piracy, commented:
We are pleased to support Sourcepoint as it continues to innovate within the online publishing industry, providing solutions to revolutionize an individual’s experience of online content consumption. We are particularly excited about their work in creating subscription offerings for the digital content environment as it is no longer assumed that audiences must pay for content with their eyeballs by viewing ads.
Series B funding will further accelerate Sourcepoint’s product development efforts - building on 2016’s Dialogue launch - improving and increasing the variety of communications options publishers can access to ensure consumers can select methods that suit their unique needs and preferences. Working with leading international publishers including Dennis Publishing, Gruner & Jahr, AOL, and Nyheter24, Sourcepoint identifies monetization challenges – including the use of ad block software – and provides solutions to engage with audiences on compensation choice.
The increased investment will also allow the company to realize its longer-term goal of becoming the “Spotify for digital content”, creating a cross-publisher subscription platform for audiences based on a one-payment structure. Additionally, the company will be able to extend the current scale of its offering. In particular, Sourcepoint aims to continue expansion across Europe, giving publishers in the region the ability to work in partnership with their audiences by offering a flexible range of transparent compensation choices.
Headquartered in New York with offices in London, Berlin, and Seattle, Sourcepoint provides premium publishers with content compensation alternatives that foster more open, balanced and transparent value exchanges with consumers. Founded by technology veterans and backed by Spark Capital, Foundry Group, Accel, Greycroft and Northzone.