Pocket FM Secures $16 Million Debt Funding The company will use the fund raised to double its strategic priorities to strengthen its audio series library, expand its creator community by attracting creative minds globally, and accelerate its revenue growth

Audio Series platform Pocket FM has secured $16 million in debt funding from US-based Silicon Valley Bank, a division of First Citizens Bank. The company will use the fund raised to double its strategic priorities to strengthen its audio series library, expand its creator community by attracting creative minds globally, and accelerate its revenue.

"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. We are excited to build on this momentum and bring our listeners even more engaging content," said Rohan Nayak, co-founder and CEO, Pocket FM.

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. The platform has been witnessing strong adoption of audio series and growth in listening time, catering to an 80 million listeners community globally, with listeners spending an average of over 150 minutes daily, claimed by the company in a statement.

"Pocket FM has an innovative vision for 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," said Chris Cameron, senior vice-president at Silicon Valley Bank.