Podeo raises Seed investment led by Razor Capital
Lebanon-based podcast platform, Podeo, has raised an undisclosed Seed investment round, led by Razor Capital with co-investments from Globivest VC and other investors. The funding will be used to widen the platform’s accessibility to its Arabic listeners.
Founded in 2019, Podeo’s mobile app offers the largest podcast catalogue in the Arab world with aims to localise the audio experience, featuring a number of popular entertainment shows in both the Arabic and English languages.
“The funds will be deployed to strengthen Podeo’s leading position in the Arab podcast industry, and double down on the growth already achieved,” said Stefano Fallaha, founder and CEO of Podeo.
In 2020, as the pandemic swept through the Middle East, podcast listenership dropped according to a report from UAE-based Amaeya Media. Podeo saw a drop of 48 per cent in podcast downloads and streams, but the sector has since recovered. In the second quarter of last year, the platform reported a 700 per cent growth in listens.
“What instantly caught our attention was the team's ability to place Podeo in a prime position to move the audio industry forward,” said Ramzi Farah, managing partner of Razor Capital. “We are excited to work alongside Stefano and the team as they continue to promote podcasts throughout the Arab world".
Podeo’s recording studios and offices suffered damages on 4 August due to the explosion in Beirut. The company responded by allowing listeners and creators to publish audio snippets on Podeo to share how they felt. More than seven million people listened to these snippets from across 157 countries.