Pocket FM raised $16 Million.
Audio Series and Stories Platform Pocket FM has raised $16 million from Silicon Valley Bank in Debt funding. The First Citizens Bank recently acquired Silicon Valley Bank.
The company planned to utilize its funds to expand the audio series library, boost its content creator, and generate more revenue.
As per the company, this funding help to continue the expansion of the audio series library and helps us to build the largest Audio Series Platform globally.
This Investment helps to work on our roadmap and to make a revolution in the entertainment industry. We are excited to build new audio series engaging our platform’s listers.
The company was founded in 2018 and raised $93.5 million until its Series C funding round. After the debt funding, the company raised over 109.5 million.
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Pocket FM’s Vice President-Finance, Anurag Sharma, said, We are grateful to Silicon Valley Bank for showing its confidence and belief towards our platform metrics and our roadmap towards the entertainment industry. After joining SVB, our growth journey will continue to touch the growth curve, and we will be able to strengthen our content library.
Pocket FM claims its revenue growth in 2022 is 12 times, and its annual revenue run-rate reached $25 million in Oct 2022.
The global listeners family of Pocket FM is 80 million, and they spend almost 150 minutes to listen the audio daily.