Pocket FM, an audio series platform, has recently announced that it has secured $16 million in debt funding from Silicon Valley Bank, a US-based bank. The startup plans to use the funds to expand its audio series library, enhance its creator community, and accelerate revenue. With this new debt round, Pocket FM’s total capital infusion has increased to $109.5 million, having raised $93.5 million until Series C. The firm has claimed to have a global listener community of 80 million people, with listeners spending an average of over 150 minutes daily on the platform.

Pocket FM aims to build the largest audio series platform globally, and this debt funding provides them with the resources to continue expanding their content library. Pocket FM Co-Founder and CEO Rohan Nayak said that this investment is a testament to their growth trajectory and mission to revolutionize the audio entertainment landscape. He further added that the startup is excited to build on this momentum and bring its listeners even more engaging content.

Pocket FM’s Vice President-Finance, Anurag Sharma, said that the startup is grateful to Silicon Valley Bank for their confidence and belief in Pocket FM’s strong revenue metrics and innovative approach to audio entertainment. With Silicon Valley Bank joining their growth journey, they will continue accelerating their growth curve and strengthening their content library, giving the audio series its identity.

Silicon Valley Bank, Senior Vice President, Chris Cameron, said that Pocket FM has an innovative vision for audio storytelling, and its unique approach to audio entertainment and impressive unit economics shows significant revenue potential in a massive addressable market. Silicon Valley Bank is excited to work with Pocket FM.

Pocket FM claims to have achieved a 12 times revenue growth last year, surpassing $25 million ARR (annualized revenue run-rate) in October 2022. The startup’s impressive growth has caught the attention of Silicon Valley Bank, and its recent funding round demonstrates that Pocket FM’s unique approach to audio storytelling has significant revenue potential. Silicon Valley Bank’s confidence in Pocket FM has given the startup the resources to continue its expansion plans and build the largest audio series platform globally.