Acast announced funding of €50 million euro from investors and the European Investment Bank.
Acast, a Stockholm, Sweden-based podcast company, announced securing access to €50 million euro in funding.
The money is part equity raised in a round led by Alfvén & Didriksson, Moor Capital, Bonnier Ventures, Första AP Fonden and Swedbank Robur and part loan from a credit facility of EUR 25 million provided by the European Investment Bank in August 2019. The funding was decided in a board meeting held on June 15, 2020.
According to the Swedish media, the funding was secured after an un-sucessful fundraising campaign with US-based investors.
Acast, founded in in 2013 by Mans Ulvestam and Karl Rosander and led by CEO Ross Adams, claims to be the world's largest marketplace for podcasts, with over 125 million monthly listeners globally. The business is not profitable ang generated sales of SEK 361M ($38.5M) in 2019.
Prior to this round, Acast raised about $70 million.