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RadioPublic has launched a new company called PodFund which is designed to help podcasters who are on the cusp of making it big but lack the financial resources to get over that hump. After reviewing your application, and making sure you are a good investment, PodFund might invest $25,000 or $50,000 to help you grow. In return, you pay them a percentage of your podcast revenue.
PodFund will review applications and scout for podcasters, making a handful of decisions each month. PodFund decides how much money to invest based on your stage, track record, evidence of traction, revenue, and intended use of the funds.
If you score a check from PodFund, here is what they expect in return:
PodREV (PodFund Revenue Share Agreement) We agree to provide funding and services to you in exchange for a percentage of total gross revenue (including ads/sponsorship, listener support, and ancillary revenue such as touring, merchandise, or licensing) per quarter. PodREV terms are 7-15% of revenue for 3-5 years, depending on current traction, revenue, and projected growth.
At any time you may also opt to pay down the revenue share obligation in full, as follows: 1.5x the initial funding in year 1 2x the initial funding in year 2 3x the initial funding in year 3 4x the initial funding in year 4
The company expects to eventually fund hundreds of podcasters. Here are a few already onboard. Hebah Fisher (Kerning Cultures), Erica Mandy (theNewsworthy), Jake Brennan (Disgraceland/Double Elvis Productions), and Malcolm Gladwell and Jacob Weisberg (Pushkin Industries).
The company has $2.3M in seed money from Bloomberg Beta, Zelkova Ventures, TechNexus, Pascal Levy-Garboua, and Weave Capital. Nicola Korzenko has been hired as PodFund’s General Manager, joining the company from Amazon Prime Video.
Read a blog about the launch from RadioPublic CEO Jake Shapiro HERE.