Copenhagen-based subscription service for podcasts and audiobooks Podimo has raised another €58.6 million in an up round of funding led by 83North, Highland Europe, and Saban Ventures. The round also saw 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.
Founded in 2019 by Morten Strunge, Nikolaj Koppel, Sverre Dueholm, Andreas Sachse and Eva Lægdsgaard, the audio entertainment subscription service Podimo allows users to create, host, broadcast, and monetize audiobooks and videos. 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 monetise their work. The app is currently available in Denmark, Germany, Spain, Norway, The Netherlands, Finland, and across Latin America. 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.
“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 three years after the launch of Podimo, with multiple markets on a similar trajectory,” says CEO and Founder Morten 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.”
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