Podimo Secures $78M Series B Funding
Podimo secures $78M Series B round to invest in original content and further global expansion.
Podimo Secures $78M in Series B
Podimo, the fast-growing Copenhagen-founded subscription service for audio entertainment and podcasts, announces that it has secured $78 million in a Series B round of funding, led by 83North and Highland Europe, with participation from existing investors Chr. Augustinus, Heartcore, Saban Ventures, Headline and Possible Ventures. Podimo, currently available in Denmark, Germany, Spain, Norway and across Latin America, focuses on local language content (an average of 93% of listeners prefer short-form audio in their native language), and supports creators directly through their user-centric revenue share model, with membership fees shared directly with the content you listen to each month.
Growing Podcast & Audio Market
“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. It’s a tremendous opportunity, and with our strategic focus on content in local markets’ native languages, we feel well positioned to grab a substantial part of this market,” says CEO and founder Morten Strunge. “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.”
On how Podimo adds value for listeners and creators alike, Strunge says, “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.”
“Traction has been strong and they have proven the model in multiple markets – now is the time to accelerate growth in existing markets and open up new ones,” says Arnon Dinur, Partner at 83North.
“In a short time Podimo has become the European market leader for subscription short-form audio in local languages. Sharing revenue with creators gives it a unique edge and we see even more potential in new markets,” adds Fergal Mullen, Partner at Highland Europe.