Podimo, a Copenhagen-founded subscription service for short-form audio stories and podcasts, has raised an additional € 11.2 million in funding.
The round is headed by Chr. The Augustinus Investment Fund, and its 4 million Series A announcement comes months after existing investors, and the Spanish VC Aldia Opportunity Fund also participated.
Founded in 2019, Podimo is a podcast and short-form audio platform that provides personalized recommendations to listeners, while providing creators a share of revenue through a premium subscription.
Premium members gain access to over 600 shows that are exclusive to Podimo and membership fees are shared directly with the podcast creators they listen to each month. The service is currently live in Germany, Denmark and Spanish Spanish speaking markets.
Co-founded by Morton Strange, who has a track record in subscription media products through the audio book service Mofibo (which he sold to Storytel), more broadly, Podimo is hoping to capitalize on the consumption growth in podcasts is. Other founders of the startup are Nikolaj Köppel, Andreas Sach and Severre Duholm.
“Our dream is to solve two challenges in the developing podcast industry,” Strong explains. “The first discovery is where we wisely mix the audience with the content they like. And another is monetization, where we provide a new stream of revenue for creators, allowing them to focus on creating and investing in great storylines.
By offering a freemium model, where a paid version offers unlimited listening and features, Strunge believes there is an opportunity for podcast creators to collaborate with the podcast ecosystem to strengthen the podcast ecosystem and make it less dependent on advertising revenue.
“We want to be the preferred partner for creators, both working closely with their content, curating and matching with each individual user, but also providing a better demonetization model,” he said when Podimo Has announced its series a. A more robust revenue stream will allow new content producers to enter the market and earn more than existing ones. In turn, this will provide financial headroom to spend more time and effort in high quality content.
“We’ve seen strong traction on our podcasts and short form audio subscription service … and now more than 50% of our growth comes from our international markets,” Strange tells me. “Our exclusive catalog has evolved to over 600 exclusive productions, and our vision of creating revenue streams to the creators of short form content is really finding traction”.