Podimo’s Platform and Early Success
Podimo is a startup based in Copenhagen that was founded in 2019. The startup has built an audio and podcast platform that offers over 600 different shows exclusive to the company. The business model for the company is completely subscription-based, earning revenues that are then shared directly with the creators of the content an individual user is listening to. One of the major features of the platform, which is available as an app on both Android and iOS devices, is the personalized podcast recommendations for each user.
The startup is already live and operating in several different countries, including Germany, Denmark, and over 20 unique Spanish-speaking nations, with the app slowly gaining traction in the early phases. So far, the early success has allowed the business to create a staff of over 70 employees across five different countries. Especially internationally, where over 50% of the business growth is happening, the startup is beginning to amass a larger group of users.
A free version of the app also exists that limits certain features in order to incentivize the switch to the paid premium service. As the startup continues to gain traction with their app, the hope is that they will gain enough users in order to create a large enough revenue base to focus more heavily on creating and acquiring high-quality content.
Podimo’s Funding and Future Plans
In Podimo’s latest funding announcement, the company raised an impressive €11.2 million. This newest funding for the business comes less than a year after a Series A funding round where the company raised €6 million. The most recent funding was led by Chr. Augustinus Fabrikker investment fund, Aldea Opportunity Fund, and prior investors such as E.ventures and Heartcore. The funding will allow the business to expand operations, hire new employees, and hopefully create new content as well to bring in a larger base of paying users for a more sustainable revenue stream in the future.
When commenting on the hopes for the future of the startup, co-founder of the business, Morten Strunge, said, “We want to become the preferred partner for creators, by both working closely with their content, curate and match it with each individual user, but also by offering a superior monetisation model.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.