Podimo raises 44 million euros and aims for profitability

With 80%iges growth in subscribers and 20 hours of monthly usage per user, Podimo is strengthening its position as a provider of audio entertainment. The investment is intended to boost growth and is geared towards long-term profitability.

Copenhagen - Podimo, the podcast and audiobook service from Europe, has recently closed a financing round. The company was able to secure a total of 44 million euros in investment. These funds come from various partners, including the Danish Export and Investment Fund (EIFO), as well as investment firms such as HighlandX and Augustinus Fabrikker.

CEO Morten Strunge expressed his confidence in the future of the company. He emphasized that this financing will enable Podimo to continue its solid growth while aiming for profitability. The company's focus is to establish a resilient business model that is successful for all stakeholders in the field of spoken audio entertainment.

Our ongoing commitment to delivering high quality shows and a seamless user experience has resulted in significant growth and continued enthusiasm from both creators and listeners alike

Morten Strunge, CEO Podimo

Podimo's subscription model has proven to be resilient, especially in the current economic landscape. The platform offers premium content and exclusive shows, which has led to strong user retention and expansion. Since launching in Denmark in 2019, the service has expanded to seven markets and increased the number of subscribers by more than 80% in the last year. Users spend an average of 20 hours per month consuming listening content and explore 2-3 new shows per week.

Strunge emphasized that the increased listener engagement is a sign of confidence in Podimo. The company's focus remains on providing high-quality content and a smooth user experience, leading to continued growth and enthusiasm among creators and listeners.

Focus on monetization and AI tools

In addition to supporting creators through monetization opportunities, Podimo is focusing heavily on technological innovation. The company is the first podcast app to test functions such as "conversation search", a chatbot that helps users discover new content. AI tools are also being developed to increase the diversity of the offering.

The current financing round is not only financial support for Podimo, but also an incentive to further improve the product and maintain a sustainable business model. The company strives to gradually gain and maintain the trust of creators and listeners alike.