Podcast platform Acast, based in Stockholm, has raised $19.5 million in a Series B round from Swedbank Robur’s Ny Teknik and Microcap funds to continue its internationalisation.
Other investors in the round include Norron Asset Management’s funds Target and Select, bringing Acast’s total funding to date to $32 million.
Acast is a platform for on-demand audio and podcasts with tools for creators to manage their content and advertising models, It supports 56 million listens a month with clients including Vice, The Financial Times, and The Economist. The new funds will be used to grow the engineering team as well as internationalise its service, namely in the US. Earlier this year it launched in Australia.
The service was first launched in its native Sweden. “The Scandinavian culture of early adoption coupled with an incredible network of sophisticated investors that see the value in new services and in pushing boundaries made it an easy choice to build and grow our business here,” said Mans Ulvestam, CEO of Acast.
“Sweden and Stockholm are uniquely positioned to create technology driven consumer businesses and we are immensely happy to support entrepreneurs building world class businesses,” said Carl Armfelt and Erik Sprinchorn, fund managers of Ny Teknik and Microcap in a statement. “Acast, with its ambition to be the world’s largest audio-on-demand hub, represents a superb opportunity for our fund unit holders to participate in this form of value creation.”
ABG Sundal Collier AB served as financial adviser to Acast during the deal.
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