Novel secures £5 million from growth capital investor

Novel has secured a £5 million investment from growth capital investor VGC Partners.

Founded in 2019, Novel has grown rapidly to become the biggest independent podcast company in Europe.

It stands out as the clear industry leader in audio, having struck UK-first deals with the world’s leading podcasting networks including iHeartRadio, Wondery and Gimlet, while also producing series for the BBC, The Financial Times, Google and The Premier League.

Novel’s £5 million investment from VGC will be used to accelerate growth with strategic partners, and to establish the company’s own network of originals. Premium podcast IP is increasingly being adapted into TV and film, given the ability to build sizable audiences far more efficiently than an audio-visual pilot or a book.

As a growth capital investor, VGC Partners bridges the gap between venture capital and private equity – typically investing between £5m and £10m to support digital media, tech and consumer companies.

The investment in Novel builds on VGC’s experience of backing IP and content-rich businesses with the quality and cultural relevance to have longevity and to translate across formats and continents.

Sean Glynn, Novel’s Founder and CEO, said: “At Novel, we’re proud to have built a thriving independent business.

“Now the time is right to take the skills we’ve honed working with industry-leading partners and apply them to content we fully own.

“We’ve recruited a highly experienced international team to deliver a rich and varied slate of original shows. The launch of our own originals network is an exciting new step for Novel and in VGC we’ve found a partner that truly believes in our content and our vision.”

Dan Rookwood, VGC Operating Partner & Head of Brand, added: “Novel prides itself on being both fiercely creative and fiercely commercial.

“We see huge opportunity for Novel in the creation of premium original content IP and particular potential in the adaptation of these shows into TV and film.

“We were blown away by the pipeline of ideas that Novel has lined up and we’re excited that our investment will now enable so many of them to go into production. You heard it here first. And you’ll be seeing it on screens next.”