Led by 83North and Supported by Existing Investors e.ventures and Heartcore
Copenhagen, May 28th, 2020 – Podimo, a fast growing podcasting provider, announces that it has secured 15 million Euros through its latest investment round, led by 83North with participation from existing investors e.ventures and Heartcore. Podimo brings smart curation, discoverability features and intuitive design to listeners as well as a new revenue stream to creators.
Founded in 2019, Podimo is a podcast and short-form audio platform that offers personalized recommendations for users and supports the podcast creators through a revenue share model, driven by their subscription-based service, currently live in Denmark and Germany. Podimo's ambition is to deliver an outstanding podcast experience for both creators and consumers globally.
“Podimo’s long-term ambition is to create robust revenue streams to the podcasting community and to be a positive partner to everyone within the ecosystem”, says Morten Strunge, CEO and Founder. “Our dream is to be part of developing the podcast industry, where we can help match audiences with content they love and create incremental income to support creators, allowing them to focus on creating great content. Our focus is solely on podcasts and short-form audio.”
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 creators in unlocking their full potential in creating content and engaging with their audience.
“As we are entering a new decade of podcasts, we see that Podimo is a key player in revolutionizing the industry and has a leading role in reshaping consumer and creator experiences, says Arnon Dinur, Partner, 83North. “Podimo has a very strong team in place and a proven track record. We are excited to be part of the journey.”
The capital raised will be used to:
Develop the Platform; with the fast increasing amount of podcasts available, curation and discovery becomes more and more important. To unfold 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; developing and creating appealing content in formats that will unlock consumers’ willingness to subscribe to podcasts, ultimately building incremental revenue streams to the ecosystem 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. With so much content out, it is more important than ever for creators to get access to data that can help them understand how to grow their audience and also give them tools to engage and get even closer to their audience.
Drive Market Expansion; in Europe more than twenty percent of the population listen to podcasts on a weekly basis, we see potential in growing the market even further and generate robust revenue streams for creators.
Build the Team; Podimo is set to build a new ecosystem for podcasters that rewards creators for making content that people want to hear, in this quest to succeed the team will be growing over the coming year, both in terms of local teams that help to facilitate the creation of content, but also developers and data engineers focusing on innovating and improving both discovery and how you engage with audio content.
The financing announced today will permit the continued efforts in building a new ecosystem for podcasters and audiences that will ultimately be a part of setting the future of podcasting.
*Deloitte Insights: The ears have it: The rise of audiobooks and podcasting 2020
Podimo is a podcast platform that offers personal recommendations for users and supports creators through a revenue share model, currently live in Denmark and Germany. The app features great podcasts from around the world via open RSS feeds and is free to download and listen with no login required. As a Premium member, you’ll unlock access to 300+ completely new, unique shows that can’t be found anywhere else, and your membership fee is shared directly with any podcast creator (from anywhere in the world, exclusive or non-exclusive) who you listen to in a given month. Podimo’s founding team; Morten Strunge, Nikolaj Koppel, Sverre Dueholm, Andreas Sachse and Eva Lægdsgaard.
Team photo: https://podimo.com/en/about
83North is a global venture capital firm with over $1B under management. The fund invests across all stages, in exceptional entrepreneurs, whose focus is to build global category leading companies. For more information visit www.83north.com and follow us on Twitter @83NorthVC.
83North has backed more than 70 companies including AeroScout (acquired by Stanley Black & Decker), Celonis, Ebury, Hybris (acquired by SAP), IronSource, iZettle (acquired by PayPal), Just Eat (LSE:JE), Marqeta, Mirakl, ScaleIO (acquired by EMC), SocialPoint (acquired by Take2), Vast, Via and Wolt.