Acast, a Sweden-based audio content platform backed by media group Bonnier, secured $35m yesterday in a series C round that valued the company at $190m, The Drum reported.
The round included state-backed pension fund Första AP-fonden and fund manager Swedbank Robur, which took part through its Ny Teknik and Microcap funds.
Founded in 2014, Acast has built an on-demand podcast marketplace that enables producers to host, monetise, and distribute audio content.
The company claims to host more than 125 million streams each month through its mobile app and web platform, and features podcasts from the Financial Times, the Economist, Vice and the BBC.
The latest funding comes after Acast raised $19.5m in a September 2017 series B round that featured Swedbank Robur’s Ny Teknik and Microcap funds and Norron Asset Management, according to reports.
Bonnier’s Growth Media subsidiary had joined investment fund Moor to invest $3.4m in Acast in May 2017. Venture capital firm Alfvén & Didrikson had previously backed Acast with a $4.7m investment in 2015.
The 2015 deal came seven months after Bonnier Growth Media invested $5m in Acast in return for a significant minority stake. Moor had provided an undisclosed amount of funding from Moor the year before.