Swedish podcast startup Acast has won a $33 million Series C funding round, as it continues to spearhead innovation in the burgeoning podcast industry. The round, led by compatriot investment vehicle AP1, and fellow Swedes Ny Teknik and Fokus Fund, brings Acast’s total backing up to $67m from a notably multinational collection of VCs.
Acast’s 3,300 podcasts, including top-ranking series such as My Dad Wrote A Porno and Athletico Mince, and media outlets like VICE, The Guardian and The Times, receive over 125m listens per month. In 2018 the company grew by 86%, including a 137% increase in the UK.
“Working with respected investors like AP1 and Robur on realizing our new mission is a huge vote of confidence,” said Acast CEO Ross Adams via a statement. “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.”
Today’s round will help Acast increase its footprint in the United States, which already represents 25% of all listens on its platform. It will also continue to reach listeners in new territories, adding to recent rollouts in Ireland, New Zealand and Denmark.
Acast’s latest innovation is to offer targeted advertising to listeners, acting on the fact that 76% of podcast listeners in the US and UK have acted on a podcast ad they have heard. Major brands including Netflix, Bose, Kraft and Airbnb have partnered with Acast, as it aims to corner new markets in branded content and measurement.