Podcast subscription service Podimo raises $58.7m in fresh funding

Podimo, a Denmark-based podcast and audiobook subscription platform that competes with the likes of Spotify, Apple, and Luminary, has raised €58.6 million ($58.7m).

The company says that the funding will go towards market expansion, content, and enhanced investments in tech and product.

The Podimo app is currently available in Denmark, Germany, Spain, Norway, The Netherlands, Finland, and across Latin America.

The new round of funding was led by 83North, Highland Europe, and Saban Ventures and also saw participation from existing investors Chr. Augustinus Fabrikker, Heartcore and Headline.

The latest raise follows Podimo’s $78 million Series B round in November, which was also led by 83North and Highland Europe, and came nine months after its Series A round that saw the startup secure €11.2 million ($11.3m).

Today’s funding announcement follows the news in January that Sachin Doshi, the former VP of Content at Spotify and Director of Product at Twitter, joined the company as Chief Content Officer.

In January, Doshi was interviewed on the MBW Podcast to discuss streaming, podcasting, Spotify and Podimo’s potential of to rival some of the world’s biggest tech companies.

The Copenhagen-founded company says that it has doubled its employees since 2021 and claims to have increased the amount of paying members five-fold YoY.

It also says it was 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 No.1 in the App Store upon launch.

“Our international expansion is progressing beyond expectations, and we continue to see our growth and content strategy scale efficiently.”

Morten Strunge, Podimo

Podimo CEO and Founder Morten Strunge said: “Our international expansion is progressing beyond expectations, and we continue to see our growth and content strategy scale efficiently.

“This funding round sends a clear message that our model is working. As we continue to focus on growing our existing markets and opening new ones, we are also building on our extensive catalog 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 3 years after the launch of Podimo, with multiple markets on a similar trajectory.”

“We strongly believe in Podimo becoming the global market leader in spoken-word audio.”

Arnon Dinur, 83North

Arnon Dinur, partner at 83North, said: “We strongly believe in Podimo becoming the global market leader in spoken-word audio. We led the company’s series A investment in 2020, co-led their Series B in 2021, and would not miss the opportunity to further our investment by co-leading this round.”

“Audio entertainment is rapidly becoming a substantial part of consumers’ time spent on entertainment and media.”

Fergal Mullen, Highland Europe

Fergal Mullen, Partner with Highland Europe added: “Audio entertainment is rapidly becoming a substantial part of consumers’ time spent on entertainment and media.

“With Podimo’s unique local-first approach to creators, combined with a best-in-class app experience, we see their strategy and vision working, fast-tracking them to become a leader in the space.”Music Business Worldwide