Copenhagen-based Podimo, a podcast and audiobook subscription service provider, has secured €44M in a fresh round of funding. The investment came from The Danish Export and Investment Fund (EIFO), HighlandX, and Augustinus Fabrikker.
Morten Strunge, CEO of Podimo says, “This investment allows Podimo to continue our strong growth trajectory while orienting the company towards profitability. Our primary focus is on cultivating a robust business model that ensures success for all stakeholders within the spoken audio entertainment ecosystem.”
A platform for podcast and audiobook lovers
Founded in 2019 by Morten Strunge, Nikolaj Koppel, Sverre Dueholm, Andreas Sachse and Eva Lægdsgaard, Podimo claims to be Europe’s fastest-growing podcast and audiobook subscription service, spanning seven markets.
It prioritises local content and diverse voices, offering ad-free podcasts, global RSS feed content, and audiobooks. The company also provides monetisation avenues and personalised audio experiences through a mix of human curation and AI.
Podimo reports that its subscription model thrives in the current economic landscape. With an 80 per cent growth in subscribers over the past year, the platform sees global user engagement, averaging 20 hours monthly, and users exploring 2-3 new shows weekly.
CEO Strunge says, “We’re proud of the trust our listeners place in us, demonstrated by their increased engagement and diversified content preferences. Our continued focus on delivering quality shows and a seamless user experience has resulted in significant growth and sustained enthusiasm from both creators and listeners.”
Podimo is also dedicated to empowering creators with sustainable monetisation and comprehensive support.
The platform leverages data and local expertise to help creators develop formats and grow their audience, allowing them to concentrate on producing “exceptional” content.
Capital utilisation
CEO Strunge says, “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.”
Podimo is currently available in Denmark, Norway, Germany, Spain, The Netherlands, Finland, and across Latin America, and is expanding to more countries soon.
01
Tech meets private credit: Demystifying Norsad Capital’s efficiency boost with PE Front Office