London-based podcast startup Auddy, one of fastest-growing companies in its segment in Europe, has scored £2.5 million in funding. The investment was led by Pembroke VCT, which invested £1.8 million, and was supported by existing investors Haatch Ventures and Brick Capital Ventures. The venture capital trust Pembroke VCT (invested in Peckwater Brands) focuses on backing early-stage businesses led by exceptional founders and management teams.
Funds to support Auddy
The fresh funds will help support Auddy to continue its organic growth and further invest in both technology and content. The market for podcasting is among the world’s fastest growing content-based industries, with over 23 million UK weekly listeners. Researchers consistently forecast over 25% yearly industry growth through to 2028 and beyond, courtesy of advances in content investment, a growth in listeners and time spent consuming podcasts.
Simon Porter, Investment Director, Pembroke Investment Managers LLP commented: “Auddy offers a unique and exciting prospect to businesses looking to use audio as a core part of their communications toolset and is poised to take advantage of surging growth in the podcasting sector over the coming years. We look forward to working closely with Andrew and his brilliant team to help Auddy achieve its ambitions in the years ahead.”
Andrew Craissati, Founder & CEO Auddy Limited added: “Meeting Pembroke and working with Simon, Fred and Angus has been a thoroughly enjoyable and professional experience. From the first meeting between the Pembroke and Auddy teams, the detailed but agile approach has been refreshingly indicative of exciting times for the future of our partnership. Pembroke also showed considerable interest in and support for our existing and amazing family of shareholders and investors: as our lead investor, Pembroke has rightfully earned the position to support Auddy going into our next exciting chapter.”
Founded by former Virgin executive
Auddy was founded in 2020 by former Virgin Executive, who has held senior positions at Universal Studios and National Geographic, Andrew Craissati. The team comprises senior executives from Netflix, Warner Music and EMI. It was founded after Andrew recognised the challenges faced by advertisers, brands and organisations in their quest for podcast solutions across advertisement sales, distribution, production and private podcast solutions.
The company delivers end-to-end premium audio podcast publishing solutions for creators, advertisers and businesses. creators, advertisers and businesses. With three core business areas, including buying and selling inventory in podcasts across the UK, Germany, Austria and Switzerland; producing podcasts – both original and for clients in the branded and private podcast space; and a new tech-enabled comms tool for organisations to engage with their private networks including an optional integrated payment solution.
With over 4,000 podcast shows, 12 million monthly downloads and a historical 11 million downloads in the UK alone, Auddy’s podcasts include popular titles such as Science-ish, Inside the Tour and Smoke Screen. Its clients include Fenwick, Selfridges, Project Everyone and Straight Line Thinkers.
