Audio series platform Pocket FM secures USD 16 million in debt funding from US-based Silicon Valley Bank, a division of First Citizens Bank.
With this additional capital infusion, the company will strengthen its audio series library, expand its creator community and accelerate its revenue.
Pocket FM previously raised USD 93.5 million until Series C. With this new debt round, the total capital infusion has increased to USD 109.5 million.
Commenting on the new debt arrangement, Rohan Nayak, Co-founder and CEO, Pocket FM said, “The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally.”
Chris Cameron, Senior Vice President, Silicon Valley Bank while commenting on the debt raise said, "Pocket FM has an innovative vision to audio storytelling and is helping to position it as a mainstream entertainment format. Its unique approach to audio entertainment and impressive unit economics shows significant revenue potential in a massive addressable market.”
It is catering to an 80 million listeners community globally, with listeners spending an average of over 150 minutes daily. The company clocked twelve times revenue growth last year, surpassing USD 25 million ARR in October 2022