Space and time controllable drug delivery systems have gained interest due to their increased specificity and selectivity, compared to current cancer treatment methods. We present a novel type of multimodal contrast agents, that enhances contrast both in ultrasound and in photoacoustic imaging, while at the same time being capable of triggered drug delivery. These polymeric microcapsules consist of a biodegradable polymer shell, containing dye that encapsulates an oil core. Upon pulsed laser irradiation, polymeric microparticles can create a cavitation bubble that subsequently emits a strong acoustic wave. We investigated different formulations of these particles, by changing the oil content, dye concentration and probing conditions using a combination of pulsed laser excitation and an ultrasound chirp. As such we tested their applicability for medical imaging purposes. We demonstrated that the formulation containing a low boiling point oil core gives the highest photoacoustic and acoustic response. The laser activation threshold for this particle system, is relatively high but within the medical limits. The same system can produce a stable bubble. US scattering by this stable bubble results in medically relevant frequencies, making the particles of interest for biomedical and pre-clinical imaging. Additionally, the system has potential to be drug-bearing.