Podcasting platform Podimo gobbles up $78 million in Series B round

Podcasting platform Podimo gobbles up $78 million in Series B round

The tastes of people are changing as more and more users are looking for audio content – in fact, the podcast and audio market is expected to grow beyond $50 billion over the next 5-6 years. This has led to the rise of Clubhouse, something that has prompted other social media platforms to launch similar products, and the sensations created by Spotify and Apple’s iPod have been a testament to that growth. While the rise of Podimo has not been so dramatic, it is no less of a successful journey.

The Copenhagen-based podcast and audio entertainment subscription service raised $78 million in its Series B funding round, led by 83North and Highland Europe.

The funding round also included participation from existing investors Chr. Augustinus, Heartcore, Saban Ventures, Headline, and Possible Ventures. The company has raised nearly $115 million since 2019, and it plans to utilize the proceeds for expansion and entering new markets, creating more original content and increasing payments to creators.

The two-year-old Podimo is currently present in Denmark, Germany, Spain, Norway, across Latin America and has offices in Copenhagen, Berlin, Barcelona, Madrid, London, Amsterdam, Mexico City, Oslo, and Vilnius. While it is not a market leader (that place belongs to Spotify), it is no pushover either.

“It’s a tremendous opportunity, and with our strategic focus on content in local markets’ native languages, we feel well-positioned to grab a substantial part of this market,” said Podium founder and CEO Morten Strunge. “With a solid foundation, we can accelerate our investments into premium original and exclusive content from today’s most exciting and important voices, bringing in more users and bigger payouts to creators, while applying our learnings to new market expansion.”

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It focuses mostly on content in local languages, and its premium audio platform offers over 950 original podcasts, exclusive shows, audiobooks, and podcasts, letting you listen to your favorite podcasts from anywhere in the world via RSS feeds. Additionally, you will have access to highly personalized and curated editorial recommendations and an expansive selection of engaging stories, which is possible as Podimo has joined hands with iHeartMedia, Amazon’s Wondery, German audio platform FYEO, and creators like Norwegian crime novelist Jo Nesbø.

Podimo is a friend to creators as well, operating a “user-centric” revenue-sharing model with creators and sharing membership fees, which are shared directly with the content users listen to each month. Strunge said that it provided premium content and a seamless user experience through AI-driven personalized recommendations and video trailers. “As a full-service content production house, we can enrich existing IP in new and exciting ways, as well as produce our own IP, challenging what listeners can expect from short and long-form audio now, and in the future.”