Copenhagen-headquartered Podimo, a fast-growing subscription service for podcasts and audiobooks, has landed €58.6 million in funding. This round was led by 83North (which also invested in Celonis and Vertice), Highland Europe, and Saban Ventures, ong with continued participation from existing investors Chr. Augustinus Fabrikker, Heartcore and Headline.
The latest investment round follows the $78 million Series B funding Podimo raised late last year. The current 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,” said 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,” said Arnon Dinur, partner at 83North.
Fergal Mullen, Partner with Highland Europe continued “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.”
The ‘Netflix for Podcasts’
Podimo was founded by Morten Strunge, Sverre Dueholm, Nikolaj Koppel, Eva Lægdsgaard, and Andreas Sachse in Copenhagen in 2019.
The founders of Podimo want to address the challenges in the podcast industry – discoverability and monetisation. It resolves these challenges by intelligently matching listeners to the right content they want and providing a new revenue stream for creators so that they create great storytelling.
Podimo, which also creates shows with Walt Disney Co. and Warner Bros. Discovery Inc. in Europe and Latin America has been investing in local content from the 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 monetise their work. The app is available in Denmark, Germany, Spain, Norway, The Netherlands, Finland, and Latin America.
The company has doubled its employees since 2021 and increased the amount of paying members 5x year-on-year, and became the fastest growing podcast and audiobook subscription service in Europe in 2022. It acquired the Dutch production company Dag en Nacht, and debuted in the Netherlands and Finland.