Pocket FM seeks up to $120 million, eyes near $2B valuation
Business
Pocket FM, the popular audio platform, is looking to raise up to $120 million and bump its valuation close to $2 billion.
This follows a previous funding hiccup over profitability worries, but things seem back on track now.
Pocket FM hits $400 million ARR
The company has turned things around financially: annual recurring revenue has hit $400 million, and losses have shrunk, while the company has been using AI-powered storytelling and a freemium model.
Pocket FM is now profitable at the cash flow level with EBITDA margins near 5%.
Since launching in 2018, they've expanded into more than 20 countries (including the US and parts of Europe) and are hoping this new funding will help them grow even faster.