Podeo, a UAE-based podcast distribution platform, has raised $5.4 million in a Series A round led by Oraseya Capital, while Indonesian D2C brand SYCA announced it will cease operations by Oct. 15, 2024.
UAE’s podcast startup Podeo secures $5.4m funding
Podeo, a UAE-based podcast distribution platform has announced a $5.4 million series A round. The financing was led by Oraseya Capital, the VC arm of Dubai Integrated Economic Zones Authority, with participation from Ibtikar Fund, Cedar Mundi Ventures, Samarium, iSME, and returning investor Razor Capital.
Founded in 2020, Podeo has evolved from a podcast app into a comprehensive platform that supports podcasters, streamlining from content creation and distribution to monetisation. The company’s unique approach focuses on distribution-first strategies and exclusive distribution integrations with diverse channels, such as radio stations, airlines, ride-hailing services, gaming, and chat apps.
According to a statement, Stefano Fallaha, CEO and co-founder of Podeo, said the company is committed to empowering creators to become the next generation of global audio stars. The fresh fund will fuel Podeo’s ambition to expand across emerging global markets, enhance its AI capabilities and develop new tools for the podcast industry.
Podeo’s platform offers creators advanced tools for audience growth and engagement while providing brands with advanced ad-tech solutions to optimise their advertising spend across channels. So far, the company has reached over 100,000 creators and a global audience of 50 million listeners.
In the MENA region, Podeo has made significant moves in revolutionising the podcast industry. It claims to have increased regional podcast supply by 50 times in two years, growing from 2,000 podcasters and reported an average 166% boost in monthly audience growth after joining Podeo.
The podcast industry continues to grow rapidly, with the global market expected to reach $234 billion by 2030, growing 9 times from $27 billion in 2023. Amid explosive growth, discoverability is the greatest hurdle for podcasters.
Indonesian D2C brand SYCA Official ceases operations
SYCA, an Indonesian D2C brand for beauty products, will cease operations on October 15, 2024, it announced on its social media page.
“It’s been an incredible five years walking this journey with you. [..] With a heavy heart, we must share that this journey is coming to an end. It wasn’t an easy decision, but we believe it’s time for a new chapter. [..] To celebrate our journey together, we’re hosting a Final Farewell Deals from October 1 to 15,” said the company in the post.
Founded in March 2019 by Pamela Wirjadinata and Monica Tan, SYCA is a brand focusing on beauty products for women which offers lip tint, eyeliner, sunscreen, and beauty tools.
SYCA used a direct-to-consumer (D2C) approach, using popular marketplace platforms like Shopee, Tokopedia, and Socialla, and a direct website. One year after its establishment, it claimed to have sold more than 17,000 products with an average of 2,000 units per month.
The company was backed by Salt Ventures, an Indonesian VC with a focus on investing in early- to growth-stage startups. SYCA raised an undisclosed amount in a seed round back in February 2020.