Podimo is the subscription podcasts service co-founded by former Spotify exec Eva Lægdsgaard in May 2020. It has raised two funding rounds of €15m and €11.2m, but now it’s going back to investors for an even bigger injection of cash.
This morning, Podimo has announced a $78m Series B funding round, led by 83North and Highland Europe. The Copenhagen-based company has a catalogue of podcasts, audiobooks and other audio content, including more than 950 exclusive shows.
It has also made a feature of translating content for local markets, and uses a user-centric payouts model to divide its revenues between creators.
“The podcast and audio market is expected to grow beyond $50bn over the next five to six years, with more and more audiences discovering compelling, short-form, spoken word audio every day,” said CEO Morten Strunge.
“It’s a tremendous opportunity, and with our strategic focus on content in local markets’ native languages, we feel well positioned to grab a substantial part of this market.”
Competing with the likes of Spotify and Apple may be a daunting prospect, but investors clearly think Podimo has a shot (or, possibly, that it could compete just enough to get snapped up by one of them).