The new funds will be utilized for expanding its audio series library, augmenting its creator community and accelerating revenue
LEWES, Del., May 2, 2023 /PRNewswire/ -- Audio Series platform Pocket FM today announces that the company has secured US$16 million in debt funding from US-based Silicon Valley Bank, a division of First Citizens Bank. With this additional capital infusion, the company will double its strategic priorities to strengthen its audio series library, expand its creator community by attracting creative minds globally, and accelerate its revenue.
Riding on the success of its micropayment-led pricing model, the company clocked 12X revenue growth last year, surpassing US$25 million ARR (annualized revenue run-rate) in October 2022.
Commenting on the new debt arrangement, Rohan Nayak, Co-founder & CEO, Pocket FM said, "We are thrilled to be leading the way in creating a new entertainment category in the form of audio series, with a focus on strong unit economics. The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally. This investment is a testament to our growth trajectory and mission to revolutionize the audio entertainment landscape. We are excited to build on this momentum and bring our listeners even more engaging content."
Commenting on the funding agreement, Chris Cameron, Senior vice president at Silicon Valley Bank added, "Pocket FM has an innovative vision to audio storytelling and is helping to position it as a mainstream entertainment format. Its unique approach to audio entertainment and impressive unit economics shows significant revenue potential in a massive addressable market. We are excited to work with Pocket FM and support the company's continued growth and success as its banking partner."
Anurag Sharma, Vice President - Finance, Pocket FM said, "We are grateful to Silicon Valley Bank for their confidence and belief in Pocket FM's strong revenue metrics and innovative approach to audio entertainment. With them joining our growth journey, we will continue accelerating our growth curve and strengthening our content library, giving the audio series its identity."
Pocket FM has been witnessing strong adoption of audio series and growth in listening time, catering to an 80 million listeners community globally, with listeners spending an average of over 150 minutes daily.
Founded in 2018, Pocket FM has raised US$93.5 million until Series C. With this new debt round, the total capital infusion has increased to US$109.5 million.
About Pocket FM:
Founded in 2018, Pocket FM was built to redefine the audio OTT space by pioneering the audio-series category. Being the only long-form entertainment OTT in the audio landscape, we have emerged as the preferred digital audio destination for a refined and diverse storytelling experience with the audio-series format. We pride ourselves in embedding the storytelling elements with a layer of content personalisation that resulted in the emergence of "binge listening" as a consumption habit.
Available on iOS and Android, click here to download Pocket FM.
For more information, please get in touch with Rahul Nag, communications@pocketfm.com
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com.
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SOURCE Pocket FM
