European podcast and audiobook platform Podimo has raised $78 million in fresh funding to “accelerate our investments into premium original and exclusive content,” according to CEO and founder Morten Strunge.
The Series B round brings Copenhagen-based Podimo, which launched in 2019, to a total of $115 million in funding.
Per Variety, the round was led by 83North and Highland Europe, with participation from previous investors Chr. Augustinus, Heartcore, Saban Ventures, Headline, and Possible Ventures.
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Podimo says it currently offers 950+ original podcasts, 30,000+ audiobooks, and more than 800,000 minutes of kids’ content. It also offers podcasts from a lineup of partner platforms and producers like iHeartMedia, Amazon-owned Wondery, and German audio site FYEO, plus series from individual creators like bestselling crime author Jo Nesbø.
Users can listen to much of Podimo’s content for free, but subscribing (for around $5.60 per month) will get them access to 600+ exclusive podcasts and audiobooks. Podimo says that when subscribed users listen to podcasts on its platform, creators earn “50% of the revenue allocated through our user-centric payment system.”
In addition to growing its original and exclusive content libraries, Podimo will use new funding to provide “bigger payouts to creators,” Strunge said in a statement.
Podimo, like many other companies, sees the podcast and audiobook space as “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,” Strunge added.
Podimo is currently available in Denmark, Germany, Spain, Norway, and Latin America.