Pocket FM secures $16 million debt funding

The new funds will be utilised for expanding its audio series library, augmenting its creator community and accelerating revenue, as per the company

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Pocket FM secures $16 million debt funding

Audio series platform Pocket FM has announced the securing of $16 million in debt funding from US-based Silicon Valley Bank, a division of First Citizens Bank.

With this additional capital infusion, the company says it will double its priorities to strengthen its audio series library, expand its creator community by attracting creative minds globally, and accelerate its revenue. 

Founded in 2018, Pocket FM has raised $93.5 million until Series C. With this new debt round, the total capital infusion has increased to $109.5 million.

Rohan Nayak, Co-founder and CEO, Pocket FM, said, “We are thrilled to be leading the way in creating a new entertainment category in the form of audio series, with a focus on strong unit economics. The debt funding we have secured gives us the resources to continue expanding our content library and build the largest audio series platform globally. This investment is a testament to our growth trajectory and mission to revolutionise the audio entertainment landscape. We are excited to build on this momentum and bring our listeners even more engaging content.”

Chris Cameron, Senior vice-president at Silicon Valley Bank, added, "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. We are excited to work with Pocket FM and support the company’s continued growth and success as its banking partner.” 

Anurag Sharma, Vice-President - Finance, Pocket FM, said, "We are grateful to Silicon Valley Bank for their confidence and belief in Pocket FM's strong revenue metrics and innovative approach to audio entertainment. With them joining our growth journey, we will continue accelerating our growth curve and strengthening our content library, giving the audio series its identity."

Pocket FM audio funding debt funding Silicon Valley Bank First Citizens Bank bank audio series platform