Podimo secures another €11.2m investment to accelerate International expansion
Copenhagen, February 19th, 2021 – Podimo, a fast growing subscription service for short form audio stories and podcasts, announces that it has secured 11.2 million Euros through its latest investment round, led by Chr. Augustinus investment fund with participation from existing investors and the Spanish VC Aldea Opportunity Fund. Podimo brings smart curation, discoverability features and intuitive design to listeners as well as a new revenue stream to creators of short-form spoken content.
Founded in 2019, Podimo is a podcast and short-form audio platform (podcasts, audiobooks, audioseries etc.) which offers personalized recommendations to listeners, while supporting creators through a new revenue share model, driven by its premium subscription service. Premium members unlock access to 600+ shows that can’t be heard anywhere else, and their membership fee is shared directly with the podcast creators they listen to each month. Currently live in Germany, Spanish speaking markets and Denmark, Podimo's ambition is to deliver an outstanding podcast experience for both creators and consumers globally.
“We now have more than 600 exclusive shows on Podimo, and see strong traction in our International markets driven by a continuous investment into a hyper-local presence and approach to content production, creator relations, curation, and marketing.”, says Morten Strunge, CEO and Founder. “Our dream is to address two challenges in the developing podcast industry. The first is discoverability, where we intelligently match listeners to the content they love. And the second is monetization, where we provide a new stream of revenue for creators, allowing them to focus on creating and invest into great storytelling. ”
Podcasts and short-form audio content are on the rise and continue to increase in popularity. The development calls for new business models and further innovation of the platforms and format itself, which will benefit the creators of all types of audio storytelling in unlocking their full potential in creating content and engaging with their audience.
“With this new investment we will be able to increase our investments into content and accelerate our overall growth, but also continue to build an innovative product experience, helping creators get closer to their audience but also allowing users to better discover new relevant content. Our latest product launch, called “Daily Feed”, is powered by AI, and serves each individual Podimo user tailored recommendations – making it much easier for listeners to find their next listen” says Morten Strunge.
The financing announced today will permit Podimo's continued efforts to build a new ecosystem for podcasters and listeners, and ultimately shape the future of podcasting. The capital raised will be used to:
Develop the Platform; with the ever-growing number of podcasts available, curation and discovery becomes more and more important. Unfolding content in a relevant context and to the right individual user will benefit both podcast creators and consumers. Podimo will constantly continue to refine, tweak and improve the offering.
Invest in Content and Creators; creating, commissioning, and curating world-class content in formats that will unlock consumers’ willingness to subscribe to podcasts, ultimately building incremental revenue streams that channels back to podcasters.
Develop Podcaster Studio; allowing for creators to harness the power of analytics to learn, adapt, and shape the future of podcasts. It is critical that creators have access to data that will help them understand how to grow and engage their audience.
Drive Market Expansion; only about twenty percent of the population in Europe listens to podcasts on a weekly basis. We see this as a huge growth opportunity, to engage more and more of Europe's population with great audio stories, and to generate a robust revenue stream for the growing number of its creators.
Build the Team; to build a new ecosystem for podcasters that rewards creators for making content that people want to hear, team Podimo will grow over the coming year, both in terms of local staff who help to facilitate the creation and curation of content, but also developers and data engineers focusing on innovating and improving both discovery and listener engagement.
About Podimo
Podimo is a podcast platform that offers personal recommendations for users, while supporting creators through a new revenue share model. Currently live in Denmark, Germany, Spain, and across Latin America, the app features great podcasts from anywhere in the world via RSS feeds, and it is free to download and listen with no login required.
As a paying member, you’ll unlock access to an additional 600+ shows that can’t be heard anywhere else, and your membership fee is shared directly with the podcast creators (from anywhere in the world, exclusive or non-exclusive) that you listen to each month.
Podimo was founded by Morten Strunge, Nikolaj Koppel, Sverre Dueholm, Andreas Sachse and Eva Lægdsgaard, and has more than 80 employees spread across Copenhagen, Berlin, Barcelona, Madrid, London, Amsterdam, Mexico City and Vilnius.