Podcast platform Acast secures $33m funding amid rise in on-demand listening
Podcast startup Acast has secured $33m (£25.9m) in Series C funding as it cashes in on the surging popularity of on-demand listening.
Acast, which helps podcast makers distribute and monetise their content, said the funding will be put towards growth as the platform looks to expand internationally.
“This has been the biggest year in our short history as a company,” said Acast chief executive Ross Adams.
He added: “The team at Acast has worked very hard and we will use this funding round to continue pushing the podcast industry forward, making it more mainstream and accessible.”
The Stockholm-based company was founded in 2014 and currently works with 3,300 shows globally, including My Dad Wrote a Porno and the Adam Buxton podcast.
The firm said it has grown 137 per cent in the UK this year, as podcasting enjoys a revival amid newly-developed advertising techniques.
In September there were nearly 26.5m downloads of BBC podcasts in the UK, according to the broadcaster’s radio and education director, James Purnell.
Acast said data is at the heart of its platform and it is currently exploring new revenue streams for podcasters, including the rollout of premium subscription services.
“We’ve completely disrupted the industry by applying digital metrics,” Adams told City PM
The Series C backing, which takes the company’s total fundraising to over $67m, came largely from Scandinavian investors.
Olof Jonasson, head of equities at First Swedish National Pension Fund (AP1), one of the lead investors, said: “Acast is in a very interesting position within a growing and changing industry.
“We look forward to following them on their journey to success.”