Podimo raises €44M in combined funding round

Podimo has secured a combined funding round of €44 million from The Danish Export and Investment Fund and investment firms HighlandX and Augustinus Fabrikker.

“This investment allows Podimo to continue our strong growth trajectory while orienting the company towards profitability,” remarks Morten Strunge, CEO of Podimo. “Our primary focus is on cultivating a robust business model that ensures success for all stakeholders within the spoken audio entertainment ecosystem.”

Podimo’s subscription service has expanded to seven markets since its launch in Denmark in 2019 and has grown its subscriber base by more than 80% in the last year alone.

This past year has shown a surge in global user engagement, with listeners increasing their time spent on the platform, engaging with an average of 20 hours of spoken-word audio entertainment monthly and exploring 2-3 new shows weekly.

“We’re proud of the trust our listeners place in us, demonstrated by their increased engagement and diversified content preferences. Our continued focus on delivering quality shows and a seamless user experience has resulted in significant growth and sustained enthusiasm from both creators and listeners,” says Strunge.

Podimo has also been investing heavily in tech and product, being the first podcast app to test features like “Conversational Search,” a user-facing chatbot that aids listeners in helping discover their next favourite podcast or audiobook, as well as developing a host of new AI tools to increase diversity in listening. 

“This funding isn’t solely about financial support. While profitability remains a key objective, our investment focus extends beyond financial milestones. We are resolutely committed to enhancing our product and sustaining a healthy business model that benefits creators and listeners alike,” concludes Strunge.