For a startup, a successful pitch to a venture capitalist could spell the business’s future success. Regardless of whether the startup actually takes the funding, a well-received pitch shows the idea has promise. This is the case for LA-based startup Autio, which successfully won over Shark Tank investor Kevin O’Leary.
Autio’s pitch for its storytelling app aired on Shark Tank on March 17. The app leverages a person’s GPS data to provide that user with short recorded stories about the history of their current geographic location. After hearing co-founder Woody Sears pitch Autio’s solution, O’Leary extended a $1 million offer on the show, which Sears ultimately declined. On March 29, Autio announced it secured a round of funding totaling nearly six times O’Leary’s offer.
The company pulled in $5.9 million in fresh capital and struck up a strategic partnership with audio media company iHeartMedia. With a widespread presence across the nation, iHeartMedia’s partnership will let Autio benefit from its expansive reach.
Autio currently has more than 10,000 stories on its platform at locations across the continental U.S. Users can access two-to-four-minute audio clips about locations like Yellowstone National Park, Acadia National Park, San Diego, Maine and many places in between, according to Sears. These recordings can be accessed on iHeartMedia platforms and on Autio’s mobile app and can be heard anywhere these platforms are available. If a user is visiting Yellowstone National Park or another locale that Autio has an audio clip about, the app allows them to explore stories about that location and others nearby.
“I love traveling, history and storytelling and I felt drawn to creating the app as an authentic venture into the digital audio space,” Sears told Built In via email. “Autio really fills the gap in terms of historical and landmark storytelling, and when you’re traveling or enjoying free time at home, it offers a unique opportunity to explore the places around you in the form of short stories.”
By joining forces with iHeartRadio, whose audio network spans broadcast radio, podcast, digital, social and live events, Autio will expand into additional regions throughout the United States.
While plans for expansion are still on the horizon, Autio is coming off a period of growth already. Following its appearance on Shark Tank, Autio’s app downloads increased by 464 percent, according to the company. It also saw a 105 percent increase in new subscribers, and its website traffic grew by 1,600 percent, according to Autio.
Autio’s fresh capital will help fuel the company’s upcoming geographic expansion as well as foster its growing listener community. Autio also plans to build out new product functionalities and expand its team across engineering, project management and marketing roles.
“Our hope is for our library of stories to celebrate every voice and perspective, embracing the diversity of cultures, people and places you discover along your travels,” Sears said. “As we continue to grow, we’re focused on bringing even more unique stories to travelers because we believe that history is written every day.”
