Podimo announces €44m combined funding round

Investment includes backing from Danish state fund

Podcast subscription platform Podimo has today announced the completion of its latest round of funding, including investments from the Danish state, which the company plans to use to continue developing the platform’s features.

The most recent funding round, which came to a total value of €44 million (£38m), includes investment from American venture capital fund HighlandX and Danish investment firm Augustinus Fabrikker, as well as funding from The Danish Export and Investment Fund - a state-owned fund to provide capital for Danish businesses to fuel growth.

While the company has not yet managed to become profitable, it remains bullish about its market position, and cites strong subscriber growth as well as growing engagement, with subscribers spending more time on Podimo’s platform. The company has expanded into a number of markets since it launched in 2019, and while it’s not currently available in the UK, it has been establishing a footprint through partnering with third-party production companies to produce new podcasts, including Tortoise and Message Heard.

"We're proud of the trust our listeners place in us,” said Poidmo CEO Morten Strunge, “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.” 

"This investment allows Podimo to continue our strong growth trajectory while orienting the company towards profitability… Our primary focus is on cultivating a robust business model that ensures success for all stakeholders within the spoken audio entertainment ecosystem.”

Strunge pointed to recent investments in new tools and features for users, such as its AI-powered ‘conversational search’ tool which helps direct users to new content based on their preferences, or its Podimo Reflect feature, launched this week to provide users with more insights into their listening habits. 

"This funding isn't solely about financial support,” Strunge said. “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.”