Podcast production studio Wondery has raised a Series B funding round of $10m, adding to the $5m Series A round that it raised in March 2018. This is the company that Universal Music Group is working with to create a slate of original music podcasts – a partnership announced in April this year.
UMG does not appear to be among the investors in the Series B round: instead it’s VC firms Waverley Capital, Lerer Hippeau, Greycroft, BDMI, Advancit, Water Tower Ventures and Powerhouse Ventures stumping up the cash. There is a familiar name for the music industry involved here though: “Waverley Capital invests in category-defining media companies, and there is no better example in the audio space than Wondery,” said that VC firm’s co-founder, one Edgar Bronfman Jr (the former CEO of Warner Music Group).
Wondery says it’ll use the $10m to invest in IP development, content acquisition, technology investment, and global growth. For more on Wondery, read our recent interview with its chief content officer Marshall Lewy.