Podeo secures $5.4 million in funding, boosting its ability to support growth of podcasting in the region

Podeo, a platform specialising in managing, distributing, and producing audio podcasts, announced at the Dubai PodFest 2024, the region’s largest gathering of podcasters, that it has secured $5.4 million in funding. The funding will enable Podeo, the world’s leading podcast distribution platform, to enhance podcast discoverability and increase revenue for creators.

The fourth edition of the Dubai PodFest was held on Monday under the patronage of His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council.

According to the latest figures, there are currently over 500 million podcast listeners globally, and the global podcasting market is projected to expand ninefold, rising from $27 billion in 2023 to over $234 billion by 2030. With listeners finishing approximately 80% of any given podcast episode, it is no surprise that worldwide ad spending is anticipated to reach $4.02 billion in 2024. However, amidst this rapid growth, discoverability remains the biggest challenge for podcasters.

The new investment will empower Podeo, the world’s leading podcast distribution platform, to enhance podcast discoverability and increase revenue for creators. The platform plans to extend its reach into emerging markets with its exclusive distribution capabilities and cutting-edge AI-driven tools for both creators and advertisers.

The Series A funding round was led by Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones Authority, with participation from Ibtikar Fund, Cedar Mundi Ventures, Samarium, iSME, and returning investor Razor Capital.

Stefano Fallaha, Founder and CEO of Podeo: “Our commitment to empowering creators to become the next generation of global audio stars remains steadfast. With cutting-edge tools, we aim to captivate diverse audiences around the world. This Series A funding will enable us to amplify our mission and rapidly scale our ecosystem across emerging global markets, making storytelling limitless and giving diverse voices the power to be heard by billions worldwide. We are excited to make this announcement at Dubai PodFest, a unique platform that seeks to accelerate the growth of the podcasting industry.”

Podeo offers an all-in-one platform for podcasters, streamlining everything from content creation and distribution to monetisation. At a time when audio discoverability is an ever-growing challenge, Podeo’s exclusive distribution integrations transcend traditional streaming apps, unlocking unprecedented exposure across radio stations, airlines, ride-hailing services, gaming, and chat apps. With a thriving community of over 100,000 creators and a global audience of over 50 million listeners, Podeo is shattering reach barriers and empowering independent voices to be heard like never before.

Dubai PodFest 2024 brought together prominent podcasters, audio content creators, experts and leading regional and global organisations in the industry to discuss the future of podcasting in the Arab world. The event is the first of its kind in the region that aims to generate insights that can propel the podcast industry forward, harnessing its vast global growth potential.