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The company announced Tuesday morning that the money is coming from the European Investment Bank. Acast will use the financing to expand its research and development activities and to further develop its audio content distribution platform.
“The EIB’s investment and support of Acast is a true milestone in our company’s growth, as well as in the future of the global podcasting infrastructure. Today, we are one step closer to our goal of seeking out and supporting all the audio storytellers of the world – giving their stories the audience they deserve,” said Leandro Saucedo, Chief Business Officer of Acast.
EIB Vice-President Alexander Stubb, added: “Everyone loves a good podcast, but it can be hard to make a living off of this type of infotainment. I think it’s important that a European provider for this type of service exists, which gives all voices the possibility to be heard. Acast truly serves as a one-stop-shop for listeners, creators, and advertisers, and we’re happy to support the company in its expansion.”