Podcast services startup Auddy raises £2.5m
Auddy, a London-based startup that provides producing, advertising and comms podcasting solutions for businesses, has secured £2.5m in funding.
Early-stage venture capital trust Pembroke VCT led the funding round with a £1.8m investment. The remaining capital came from existing investors Haatch Ventures and Brick Capital Ventures.
Auddy was founded in 2020 by former executives from Netflix, Virgin and Warner Music. Its podcasting outsourcing services include production, marketing, strategy and advertising.
The startup currently operates in the UK and Europe but it is looking to expand to a global market following its latest capital injection.
Auddy’s business can be broken down into three revenue streams: selling advert spaces for podcasts, producing original podcasts for brands and private podcasting for businesses to reach a specific audience in a private environment.
Its comms tool includes an optional integrated payment feature.
Auddy has produced podcasts including Science-ish and Smoke Screen, while it counts brands such as Selfridges, Soho House and Greenpeace among its clients.
“Auddy offers a unique and exciting prospect to businesses looking to use audio as a core part of their communications toolset and is poised to take advantage of surging growth in the podcasting sector over the coming years,” said Simon Porter, investment director, Pembroke Investment Managers LLP.
Auddy last year raised £456,000 in a crowdfunding campaign and a £1.5m seed funding round in 2020. Last year Auddy acquired branded podcast producer Radio Wolfgang.