Podcasting platform Podimo lands $78 million in a new Series B
Audio subscription service Podimo has today announced raising $78 million in a Series B funding round led by 83North and Highland Europe. Existing investors Chr. Augustinus, Heartcore, Saban Ventures, Headline and Possible Ventures also saw participation. The company’s plans for the freshly acquired funds will be focused on entering new markets, increase payments to creators as well as create even more original content for their subscribers to enjoy. This new raise brings the total amount Podimo’s raised to $115 million.
Founded in 2019 by Morten Strunge, Nikolaj Koppel, Andreas Sachse, Eva Lægdsgaard, and Sverre Dueholm and based in Copenhagen, Podimo is a podcast and short-form audio platform which offers personalized recommendations to listeners, while offering creators a share of revenue via premium subscriptions. Thousands of exclusive podcasts, audiobooks and experiences in both short and long formats as well as popular podcasts from anywhere in the world via RSS feed are available in their platform.
Producing its own original content, some 950+ titles, the startup has also struck partnership deals with some of Europe’s biggest content producers and authors, including iHeartMedia and (Amazon Music owned) Wondery, leading German audio platform FYEO and Norwegian bestselling crime writer Jo Nesbø. What’s more, with 93% of podcast and short-form audio listeners preferring their native language, Podimo translates international content to local markets’ native languages
“Our model provides premium content and a seamless user experience through AI-driven personalized recommendations and video trailers. As a full-service content production house, we can enrich existing IP in new and exciting ways, as well as produce our own IP, challenging what listeners can expect from short and long-form audio now, and in the future,” explained CEO Morten Strunge.
“The podcast and audio market is expected to grow beyond 50 billion USD over the next 5-6 years, with more and more audiences discovering compelling, short-form, spoken word audio every day…With a solid foundation, we can accelerate our investments into premium original and exclusive content from today’s most exciting and important voices, bringing in more users and bigger payouts to creators, while applying our learnings to new market expansion.” added Strunge.
Source: Eu-startups “Copenhagen-founded audio subscription service Podimo secures €69 million to expand original content on a global scale”