European podcast and audiobook subscription service Podimo has secured €44 million in funding. This caps a year in which he saw an 80% increase in subscribers as the four-year-old company expanded into seven markets around the world. Funding was provided by the Danish Export Investment Fund (EIFO), Highland X and the investment company Augustinus Fabrikker.
Podimo listeners spend an average of 20 hours each month on spoken word audio entertainment and watch two to three new shows each week. The company focuses on empowering creators through sustainable revenue streams. In addition to supporting creators, Podimo says it will use the funds to invest in technological advancements such as features such as “conversational search” and the use of AI tools.
Podimo CEO Morten Strunge emphasized the importance of this investment, saying, “This funding will allow us to maintain our growth momentum while aiming for profitability. We are dedicated to developing a strong business framework that benefits all participants.”
Strange concludes: “Our investment goes beyond mere financial backing. We aim for profitability, but we are also committed to strengthening our product and building a sustainable business model that benefits both creators and listeners. is also a focus.”