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Podcast network Lemonada Media has raised $8 million in Series A (second-round) funding led by BDMI, a wholly owned subsidiary of the global media, services and education company Bertelsmann.
Also included in this round are Madison Wells, Greycroft, Spring Point Partners LLC, Intuition Capital, and Owl Capital Group. New and existing individual investors include Wenda Millard, vice chair of MediaLink, and Stephanie Hannon, CTO for Hillary Clinton’s 2016 presidential campaign, as well as Blue Collective, Lemonada’s lead seed investor and largest outside investor to date.
Lemonada is entering its third year of operation with 20 original podcasts.
The company said in 2021 it tripled its revenue, added 10 new shows, designed and trademarked an audio reality studio (BEING Studios).
“Anyone working with Lemonada gets out of bed in the morning to help make the world a better place. This funding will allow our independent, diverse, women-led, audio-first network to not only grow our slate, but to expand our team, brand and organizational partnerships, and creator community,” says Lemonada CEO Cordova Kramer. “In addition to our KPIs around audience and revenue, one goal during this time is to keep a keen eye on diversity, with the intention of reaching new audiences in the U.S. and beyond.”
“Madison Wells is thrilled to invest in a female-founded media company that is dedicated to telling transformative stories in an entertaining manner that make life a little bit better along the way. We share core values in storytelling and that’s a wonderful rarity,” adds Gigi Pritzker, founder and CEO of Madison Wells. Titan and Pritzker will join the Lemonada Board of Directors, alongside Wittels Wachs, Cordova Kramer, and Michael Buman.