Copenhagen-based Podimo, a podcasts and audiobooks platform that offers a subscription service for creators, announced on Wednesday that it has raised €58.6M in a fresh round of funding.
The round was led by 83North, Highland Europe, and Saban Ventures, with the participation from existing investors Chr. Augustinus Fabrikker, Heartcore and Headline.
In November 2021, the startup had raised $78M (then, approx €69.37M) in Series B funding. Previous fundraises include €11.2M in February 2021, €15M in a Series A round in May 2020, and €6M in July 2019.
Podimo says it will use the funds for market expansion, content, and enhanced investments in its technology and product.
CEO and founder, Morten Strunge, says, “Our international expansion is progressing beyond expectations, and we continue to see our growth and content strategy scale efficiently. As we continue to focus on growing our existing markets and opening new ones, we are also building on our extensive catalogue of content. With the current market conditions, it’s also important to demonstrate financial sustainability, which is why we are pleased to see our first market turn profitable just three years after the launch of Podimo, with multiple markets on a similar trajectory.”
Fast-growing subscription service for podcasts and audiobooks
Founded in 2019 by Morten Strunge, Nikolaj Koppel, Sverre Dueholm, Andreas Sachse, and Eva Lægdsgaard, Podimo is a premium audio platform that offers exclusive podcasts, audiobooks, and experiences in both short and long formats.
Morten Strunge says, “We believe that spoken-word audio calls for a different and tailored product experience. Adding unique features such as skip-intro, personalised audio recommendations, and full-length video versions of our shows continues to drive strong engagement and sets our service aside from other players, not just with our exclusive unique content, but also through product experience differentiation.”
The company’s app features podcasts from around the world via open RSS feeds and is free to download and listen to with no login required. Currently, the app is available in Denmark, Germany, Spain, Norway, The Netherlands, Finland, and across Latin America.
Podimo claims it offers subscribers access to a rich catalogue of more than 950 Podimo-produced original exclusive shows from exciting names and titles not available anywhere else.
Additionally, the company’s app also offers personalised and curated editorial recommendations, and access to an expansive selection of engaging stories through partnerships with iHeartMedia, Wondery, German audio platform FYEO, influential voices like Norwegian bestselling crime writer Jo Nesbø, and more.
Podimo supports creators directly through their user-centric revenue share model, distributing 50 per cent membership fees shared directly with the content that customers listen to each month.
The Copenhagen-founded company has doubled its employees since 2021, attracting talent from around the world. The service was also able to increase the amount of paying members 5x year-on-year and became the fastest growing podcast and audiobook subscription service in Europe in 2022.
After acquiring Dutch production company Dag en Nacht, Podimo debuted in The Netherlands in April, with Finland following in August – both reaching #1 in the App Store upon launch.
Recently, Podimo also launched Podimo Kids in Denmark, Germany and Spain. It is an independent channel with specific content for children between 2 and 10 years old.