The audio and podcast industry is projected to expand by more than $50 billion in the next five years, driven by an increasing number of audiences choosing to explore concise and engaging audio content. Podimo, a subscription service for podcasts and audio entertainment, recognises the potential within this trend and aims to leverage it for the expansion of its business.
After raising €58.6M investment last year, the Copenhagen-based has netted €44 million in combined funding from The Danish Export and Investment Fund (EIFO) that backed Klimate.co and Performativ, investment firms HighlandX and Augustinus Fabrikker.
The investment signals a stable, vibrant future for the company and the podcast industry as a whole while reinforcing a commitment to innovation, creator empowerment, and sustained growth.
Netflix for Podcasts
Podimo was founded by Morten Strunge, Sverre Dueholm, Nikolaj Koppel, Eva Lægdsgaard, and Andreas Sachse in 2019. The company aims to provide a sustainable way for podcasters and content creators to monetise their work.
Podimo is a one-stop shop for creators, leveraging its listening data and expert local teams to help creators develop the format and nurture the show’s audience and creator fanbase. This aligns with the company’s mission to empower creators to concentrate on producing exceptional content.
Headquartered in Copenhagen, the company has expanded to seven markets and grown its subscriber base by over 80%. The app is available in Denmark, Germany, Spain, Norway, The Netherlands, Finland, and Latin America.
Conversational Search
In addition to the investment, Podimo plans to invest in tech and products. It is touted to be the first podcast app to test features such as Conversational Search. It is a user-facing chatbot that aids listeners in discovering their next favourite podcast or audiobook and developing a host of new AI tools to increase diversity in listening.
Last year, the company also entered into a partnership to create shows with Walt Disney Co. and Warner Bros. Discovery Inc. in Europe and Latin America.
“This investment allows Podimo to continue our strong growth trajectory while orienting the company towards profitability,” said Morten Strunge, CEO of Podimo. “Our primary focus is on cultivating a robust business model that ensures success for all stakeholders within the spoken audio entertainment ecosystem.”
“This funding isn’t solely about financial support. While profitability remains a key objective, our investment focus extends beyond financial milestones. We are resolutely committed to enhancing our product and sustaining a healthy business model that benefits creators and listeners alike,” continued Strunge.
