RadioandMusic
| 29 Sep 2022
Spotify-founded Podimo secures a $58.6m raise to accelerate Market Expansion after seeing a 5x year on year growth

MUMBAI: Podimo, the fast-growing subscription service for podcasts and audiobooks, announces it has secured another $58.6 million in an up round of funding, led once again by 83North, Highland Europe, and Saban Ventures, with continued participation from existing investors Chr. Augustinus Fabrikker, Heartcore and Headline. The funding will go towards market expansion, content, and enhanced investments in tech and product.

"Our international expansion is progressing beyond expectations, and we continue to see our growth and content strategy scale efficiently. This funding round sends a clear message that our model is working. As we continue to focus on growing our existing markets and opening new ones, we are also building on our extensive catalog of content. With the current market conditions it’s also important to demonstrate financial sustainability, which is why we are pleased to see our first market turn profitable just 3 years after the launch of Podimo, with multiple markets on a similar trajectory,” says CEO and Founder Morten Strunge.

Podimo has a dedicated local-first approach, investing in local content from today’s most important voices. It offers original and exclusive shows ad-free - featuring an extensive collection of podcasts and audiobooks, all at a competitive price point. The service aims to provide a sustainable way for podcasters and content creators to monetize their work. The app is currently available in Denmark, Germany, Spain, Norway, The Netherlands, Finland, and across Latin America.

The Copenhagen-founded company has doubled its employees since 2021, attracting talent from around the world. The service was also able to increase the amount of paying members 5x year on year, and became the fastest growing podcast and audiobook subscription service in Europe in 2022. After acquiring Dutch production company Dag en Nacht, Podimo debuted in The Netherlands in April, with Finland following in August - both reaching #1 in the App Store upon launch.

Podimo also brings smart curation, discoverability features, in-app video, and intuitive design to listeners. “We believe that spoken-word audio calls for a different and tailored product experience. Adding unique features such as skip-intro, personalized audio recommendations, and full length video versions of our shows continues to drive strong engagement and sets our service aside from other players, not just with our exclusive unique content, but also through product experience differentiation,” says Strunge.

“We strongly believe in Podimo becoming the global market leader in spoken-word audio. We led the company’s series A investment in 2020, co-led their Series B in 2021, and would not miss the opportunity to further our investment by co-leading this round,” says Arnon Dinur, partner at 83North.

Fergal Mullen, Partner with Highland Europe continues, “audio entertainment is rapidly becoming a substantial part of consumers’ time spent on entertainment and media. With Podimo’s unique local-first approach to creators, combined with a best-in-class app experience, we see their strategy and vision working, fast-tracking them to become a leader in the space.”