Listen up: Podimo, the Denmark-based subscription service for podcasts and audiobooks, said it secured €58.6 million (about $58.4 million) in funding, as it seeks to grow its market footprint and content lineup.
The funding was led by previous investors 83North, Highland Europe and Saban Ventures, with continued participation from Chr. Augustinus Fabrikker, Heartcore and Headline. The latest round brings Podimo’s total raised to date to about €162 million ($161.5 million), the company said. Podimo did not disclose valuation but said the new capital represented an “up round,” meaning its valuation increased.
Founded in 2019, Podimo said it has doubled its headcount in the past two years and currently has about 225 employees. The company plans to step up hiring with the new funding.
Podimo says it takes a “local-first approach,” offering both original and licensed podcasts without ads in different countries. The company shares membership fees with partners based on the level of monthly listenership.
The app is currently available in Denmark, Germany, Spain, Norway, the Netherlands, Finland and across Latin America. In addition to exclusive, ad-free content, Podimo says it provides differentiated features like personalized audio recommendations, full-length video versions of its shows, and skip intro.
“Our international expansion is progressing beyond expectations, and we continue to see our growth and content strategy scale efficiently,” Podimo CEO and founder Morten Strunge said in a statement. 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.”
Copenhagen-based Podimo claimed is increased the amount of paying members fivefold year-over-year (but does not disclose actual subscriber figures or financials). In April, the company acquired Dutch podcast production company Dag en Nacht.
“We strongly believe in Podimo becoming the global market leader in spoken-word audio,” 83North partner Arnon Dinur said in a statement.
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.”