European podcast and audiobook subscription service Podimo has secured €44 million in funding. This caps a year featuring an 80% subscriber increase, following the four-year-old company’s expansion into seven markets globally. Funds came from The Danish Export and Investment Fund (EIFO), HighlandX, and investment firm Augustinus Fabrikker.
Podimo listeners dedicate an average of 20 hours monthly to spoken-word audio entertainment and explore 2-3 new shows every week. The company has built its focus around empowering creators through sustainable revenue streams. In addition to creator support, Podimo says it will use the funds to invest in technological advancements, including features like “Conversational Search” and utilizing AI tools.
Podimo CEO Morten Strunge highlighted the significance of this investment, stating, “This funding enables us to maintain our growth momentum while steering towards profitability. We’re dedicated to developing a strong business framework that benefits every participant in the spoken audio entertainment sector.”
Strunge concludes, “Our investment goes beyond just financial backing. We aim for profitability, but our focus is also on enhancing our product and building a sustainable business model that benefits creators and listeners alike.”
