Sounder, the industry’s first end-to-end podcast management and monetisation platform built with and for creators, today announced the completion of a $2.15M follow-on round for a total of approximately $4M of seed financing raised in the past 14 months.
The $2.15M raise was led by Ulu Ventures, and joined by new and existing investors including Newark Venture Partners and Xoogler.co, a community of Google alumni and current Google employee investors, and individual Spotify and Google executive angel investors.
“2020 was a very successful year for Sounder across product development, partnerships, and monetisation, said Kal Amin, Co-founder and CEO of Sounder. “This new round of funding will allow us to continue to solve problems creators face while innovating within the overall audio landscape. It will also allow us to bring our premium product, Sounder Plus, to market.”
The company will use the proceeds to continue its mission of powering an open and thriving audio ecosystem that supports independent creators, enterprise-level publishers and developers. With this funding, the company plans to further advance its proprietary search, speech-to-text and contextualisation technologies as well as establish a new R&D center of excellence in New York.
“Sounder continues to demonstrate its value proposition for media channels and podcasters, enhancing discovery and monetisation across the ecosystem,” said Miriam Rivera, Co-founder and Manager Director of Ulu Ventures. “Sounder’s technology will allow audio content to be searched and discovered in a streamlined and intuitive manner, which will help expand the total market as well as enable accelerated monetisation growth.”
Sounder’s new monetisation solutions have already yielded meaningful impact for creators, with certain pilot partners seeing an 80%-130% increase in streams, a 40%-100% increase in bid requests, and a $9 average CPM, which is more than 25% above industry average, in Q4 2020.“Sounder is developing the next frontier of a booming audio market by streamlining monetisation and expanding discovery for podcasters.
As the audio space continues to experience massive growth, Sounder’s platform will serve the needs of both content creators and audiences hungry for new material,” said Allison Williams, Principal at Newark Venture Partners. “We are proud of Sounder’s journey thus far, and we look forward to what the future holds for Kal, Dan and their team.”