Pocket FM Raises $103 Million in its Series D Funding Round

Pocket FM, a prominent audio entertainment platform, has successfully raised $103 million in its Series D funding round, led by Lightspeed, with participation from Stepstone Group. With this latest round, Pocket FM's total funding to date amounts to $196.5 million.

The infusion of new capital will play a crucial role in Pocket FM's expansion into the U.S. market and will also support its global expansion plans into Europe and LATAM markets slated for 2024.

A significant portion of the new funding will be allocated to strengthening Pocket FM's exclusive content library and bolstering its IP playbook by providing a platform for writers to share their unique and untold stories.

The company has achieved remarkable financial milestones, surpassing $150 million in annualized revenue run rate (ARR) worldwide, with revenue growing at an impressive rate of 57% quarter-over-quarter (QoQ). Notably, Pocket FM has exceeded $100 million in ARR in the U.S. market since its launch in Q4 of 2022. U.S. audiences spend over 135 minutes daily on the platform, with approximately 10 million registered users in the country.

Pocket FM has outlined an AI-led strategy focusing on automation, content curation, production, and distribution. The company intends to leverage generative AI to scale its entertainment content offerings and develop AI-powered personalized recommendations to enhance the overall user experience.

Rohan Nayak, CEO and co-founder of Pocket FM expressed enthusiasm about the company's trajectory, stating, "We identified an unexplored space in the entertainment industry driven by increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market. Our robust content library of audio series and strong consumption behavior on the platform are shaping the future of entertainment." He added, "Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry."