Jerrick Media Holdings Inc (OTCQB:JMDA) has locked down six-figure funding to develop new revenue streams for its long-form publishing platform Vocal.
The New Jersey-based tech company closed on an offering of US$600,000 in its latest capital raise. Jerrick closed on a US$1.2mln private placement in April and raised US$1mln in February.
READ: Jerrick Media Holdings’s fiscal year report forecasts monthly visitors to nearly triple by 2019
"With this capital secured, we now move aggressively on introducing new revenue-generating features to Jerrick's flagship product Vocal," said CEO Jeremy Frommer in a statement.
The creator-focused platform utilizes a proprietary algorithm to track views and monetize stories based on those data. Content creators can receive money directly from readers through its “Gifting” feature.
In the first quarter of 2018, the site had 6 million monthly visitors and around 200,000 content creators on the platform.
The company will be presenting at the LD Micro Invitational in California on June 4 through June 6.
Shares fell slightly in Thursday pre-market trading to US$0.24.