FreeCast Inc. (NASDAQ: CAST), a streaming media Platform-as-a-Service company, completed a private placement in July 2026 generating approximately $23.7 million in gross proceeds, before fees and expenses, from new institutional and existing long-term investors, according to a press release.

The Orlando, Florida-based company said proceeds are intended for working capital and general corporate purposes. FreeCast also maintains a $50 million equity line of credit, subject to its terms and conditions.

Alongside the financing, FreeCast outlined a strategy to offer its PaaS to mobile network operators, MVNOs, internet service providers, satellite operators, and broadcast providers. The platform is designed to allow those organizations to offer branded streaming media experiences, including ad-supported programming, subscription management, and advertising capabilities, without independently building the underlying technology infrastructure.

FreeCast CEO William Mobley said in a statement: "The networks have already done the extraordinarily difficult and expensive job of connecting the world. Our opportunity is not to replace those networks. It is to provide a media and transaction layer that can help them create more value from customer relationships they already have."

The company said its platform is designed to be adapted across different providers, territories, languages, and commercial requirements. FreeCast also disclosed existing commercial relationships that include Starlink Business and various global content partner initiatives.

The company cited industry estimates that consumers spend an average of approximately 2.78 hours each day viewing video, describing that time as an addressable market spanning streaming television, sports, subscriptions, advertising, and digital transactions.