Three podcasts have been selected to receive a cash infusion to help get their shows up and running. The money comes from Podfund, the newly-created firm designed to help podcasters get seed money to get their show off the ground or accelerate growth for an existing series. Podfund launched in early May, offering to provide podcasters with tens of thousands of dollars in funding. In return for the money, a podcaster accepting the funding must agree to a revenue share agreement that will see Podfund receive 7%-15% of revenue for the first three to five years, depending on the show’s traction, ad revenues, and projected growth. And in the event the company that is producing the show is ultimately sold, Podfund would receive 1% of the total purchase price.
“The Podfund team has been hard at work over the past few weeks, reading applications, talking to podcasters, sampling episodes, and pouring over business models,” said Nicola Korzenko, general manager of Podfund. “We’re incredibly excited to announce that we have invested in three new creator-led media companies.” Those earmarked for investment includes:
The Unmistakable Creative. The podcast was created in 2009 by author Srinivas Rao and it has so far published more than 700 episodes. Korzenko says Rao plans to use funding to improve his website and overall SEO and invest in video companion content.
Dreamer Comics. The weekly podcast hosted by Omar Spahi interviews comic book creators, including writers, pencillers, inkers, colorists, letterers, editors or execs, to understand the stories behind the images. Spahi is himself a comic book writer and film producer when he’s not operating his own real estate business in Los Angeles. Korzenko says Spahi will use the funding to “turbo-charge” his marketing and sales efforts and to finance a docu-series.
Fugitive Media. Led by CEO Stacey Book, Fugitive Media is an audio storytelling company specializing in narrative and travel. The team has already built the audio app Detour, which was founded by Andrew Mason and ultimately sold to Bose. Korzenko says Fugitive Media will use its funding to produce a mix of original and branded content, starting with In the Gap for Audible, which is scheduled to launch in the fourth quarter.
In a blog post Korzenko didn’t reveal how much each will receive from Podfund. But the firm has previously said it is offering to provide podcasters with $25,000 and $50,000 in financing. Demand has been strong. In May Korzenko said they had received more than 100 applications in the first 24 hours after Podfund was launched. Podfund is bankrolled by $2.3 million in its first round of funding from a variety of sources, including Bloomberg Beta, Zelkova Ventures, TechNexus, Pascal Levy-Garboua and Weave Capital.