Disrupt Radio, the Melbourne media startup that launched in 2023 with a focus on entrepreneurship, but ran out of money to pay its staff within 12 months, is hoping to secure enough funding to return to live broadcasting in November.
The Australian reports that founder Benjamin Roberts said negotiations for new capital are ongoing.
“In summary, we’re still working with our lead adviser and shareholders on both investment capital and our pivot,” he said.
In August, live broadcasting ceased after planned funding was not secured and there were delays in paying staff. Disrupt’s DAB+ signal stopped – and is unlikely to return – and the station has been streaming show repeats online for several weeks.
The station was taken off air from its in August after planned funding failed to eventuate.
Disrupt Radio launched in June 2023 as “the sound of Australian entrepreneurial spirit”, with a focus on business, disruption and startups, based at Southbank, Melbourne.
Businessman Jules Lund hosted Startup Nation. Megan Flamer and investor Alan Jones hosted a weekly show called The Advisory Board
Comedian and former ABC presented Libbi Gorr hosts the breakfast show with Sir Bob Geldof, while former AFLW star Moana Hope also presented a daily show, Entrepreneur Her. Omar de Silva hosted Moolah, “a fresh perspective on finance, focusing on fintech and future-driven discussions”.
The former ABC managing director Michelle Guthrie chairs the startup and is believed to be a key shareholder in the business. Roberts, who is Disrupt’s CEO, has around a third of the company.
In June, Disrupt attempted to raise up to $1 million at a pre-money valuation of $11.43 million via the Birchal crowdfunding platform, but the raise failed to meet the minimum threshold and was closed two weeks later with just $24,500 in commitments from 14 investors.
“Our mission, as Australia’s first national, commercial digital radio network, is to be number one for business talk. We bring people together by championing entrepreneurial spirit, diverse perspectives and making business knowledge accessible to all,” Disrupt’s pitch for Birchal said.
“After a highly successful launch, attracting Australia’s top-tier advertisers such as CommBank, Telstra, GWM, Macquarie, AAMI, Judo Bank and Amazon, Disrupt Radio is positioned to pursue reach, revenue and growth at a rapid pace.”
The station said in its offer document that it was reaching 25,000 different listeners weekly in Melbourne, Sydney and Brisbane on DAB+, plus another 30,000 through streaming, podcast and on-demand.
It also revealed that the business kicked off with $4.075 million in capital, and in FY2023, posted a $2.4 million loss after income tax. In the first 11 months the station was on air, it spent $4.88 million, including $2.9 million in wages, a burn rate of more than $400,000 a month.
By July management were emailing staff to say a new round of investment had failed to materialise and salaries were late. Roberts was reportedly on the hunt for around $5 million at the time.
Live broadcasts stopped soon afterwards.
Roberts told The Australian that: “The majority of our staff and suppliers have been really wonderful. We are just getting on with it.”
The company has not responded to Startup Daily’s requests for comment.
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