Europe's podcast and audiobook subscription service Podimo secures €44M in funding

Podimo this week secured €44 million in funding from The Danish Export and Investment Fund (EIFO), HighlandX, and Chr. Augustinus Fabrikker.

"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."

The funding round was led by The Danish Export and Investment Fund (EIFO), HighlandX, and Chr. Augustinus Fabrikker.

The investment will be used to accelerate Podimo's growth, expand its market presence, and develop innovative products.

Podimo has experienced rapid growth and has expanded to seven markets since its launch in Denmark in 2019.

The company's subscription-based model and focus on premium, exclusive content have driven significant user engagement and retention.

Podimo is committed to providing creators with sustainable monetization avenues and supporting them to produce exceptional content.

The company is also investing in technology and product development to enhance the listening experience for its users.

Podimo is available in seven markets: Denmark, Norway, Germany, Spain, The Netherlands, Finland, and Latin America.

In 2021, Podimo raised 11,2 million Euros.