STOCKHOLM (Reuters) - Swedish podcasting platform Acast has raised $5 million from Sweden’s Bonnier Growth Media as it targets further expansion in Europe and the United States, it said in a statement on Monday.
Acast, which was launched a year ago, has grown sharply and currently has 1 million unique users with 12 million streams per month.
“Acast has a strong team with a proven and scalable concept. We are convinced that Acast has a very interesting position on a growing podcast market,” said Bonnier Growth Media CEO Ulrika Saxon.
Bonnier Growth Media, part of media house Bonnier AB, will have a “significant” minority stake in Acast after the investment.
The funds will be used to support continued growth for Acast in Europe, where it has offices in Stockholm and London, as well as for expansion in the U.S, where recruitments for a coming launch are already in progress.
The companies in Bonnier Growth Media’s portfolio have a combined turnover of 2 billion Swedish crowns ($243.02 million)and include the highly successful children’s app maker Toca Boca.
Reporting by Johannes Hellstrom; Editing by Alistair Scrutton