A part of First Citizens Bank in the US, Silicon Valley Bank, grants USD 16 million in debt financing to the audio streaming platform Pocket FM.
The company will increase its library of audio programmes, grow its creative community, and boost revenue with this latest cash investment, as per reported by BW Disrupt.
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.”
Prior to Series C, Pocket FM raised USD 93.5 million. The overall capital injection has climbed to USD 109.5 million with this new debt transaction.
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.”
With over 80 million listeners community, spending an average of over 110 minutes every day. Pocket FM is a Series C stage company that has raised US$93.5 million in five rounds and is backed by some marquee investors like Lightspeed, Times Internet, Tanglin Venture Partners, Goodwater Capital, Naver, and others.
About Pocket FM
In 2018, Pocket FM was established with the goal of creating the audio-series genre and revolutionizing the entertainment industry. They take satisfaction in the fact that the longer format, which led to the creation of “binge listening” as a consumer habit, embedded the storytelling aspects with a layer of content personalization.