Podimo Secures €44M in Combined Funding, Gears Towards Profitability

Podimo, Europe’s fastest growing podcast and audiobook subscription service, announces a significant milestone with the successful closing of a combined funding round totaling €44 million from The Danish Export and Investment Fund (EIFO), as well as investment firms HighlandX and Augustinus Fabrikker. This substantial funding signals a stable, vibrant future for the company and the industry as a whole, while reinforcing a commitment to innovation, creator empowerment, and sustained growth.

“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 growth and subscription model has demonstrated remarkable resilience, particularly in the current economic landscape, and its strategic approach to delivering premium, exclusive content propels substantial user engagement and retention. The 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 an encouraging surge in global user engagement, with listeners amplifying 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 remains committed to empowering creators by providing sustainable monetization avenues while maintaining a balance between growth aspirations and financial responsibility. The company’s allure to creators extends beyond predictable monetization tools. Podimo is a one-stop shop for creators, leveraging its listening data and expert local teams to help creators develop the format and nurture the show’s audience and creator’s fanbase. This unique proposition aligns with the company’s mission to empower creators to concentrate on producing exceptional content.

The company 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 favorite 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.