Pocket FM raises $16 million in debt funding from Silicon Valley Financial institution

Homegrown audio streaming platform Pocket FM on Tuesday introduced that it has raised $16 million in debt funding from US-based Silicon Valley Financial institution (SVB) that went bankrupt and is now a division of First Residents Financial institution.

The brand new funds can be utilised for increasing the audio collection library, augmenting the creator group and accelerating income, Pocket FM mentioned in an announcement.

The platform clocked 12 occasions income progress final 12 months, surpassing $25 million ARR (annualised income run-rate) in October 2022.

“The debt funding now we have secured offers us the sources to proceed increasing our content material library and construct the biggest audio collection platform globally. We’re excited to construct on this momentum and convey our listeners much more participating content material,” mentioned Rohan Nayak, Co-founder and CEO, Pocket FM.

Pocket FM has been witnessing robust adoption of audio collection and progress in listening time, catering to an 80 million listeners group globally, with listeners spending a median of over 150 minutes day by day.

“Its distinctive strategy to audio leisure and spectacular unit economics exhibits important income potential in a large addressable market. We’re excited to work with Pocket FM and assist the corporate’s continued progress and success as its banking accomplice,” mentioned Chris Cameron, senior vice chairman at SVB.

Based in 2018, Pocket FM raised $93.5 million till Sequence C. With this new debt spherical, the whole capital infusion has elevated to $109.5 million.

Pocket FM was constructed to redefine the audio OTT house by pioneering the audio-series class.

Being the one long-form leisure OTT within the audio panorama, it has emerged as the popular digital audio vacation spot for a refined and numerous storytelling expertise with the audio-series format.

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