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- Audio platform Curio announced $9 million in Series A financing led by European VC fund Earlybird previously in September, with other backers including billionaire Li Ka-shing’s Horizons Ventures.
- Curio’s subscription service uses users a library of narrated short articles from publications such as The Wall Street Journal, The Washington Post, and Financial Times for $7.99 a month.
- CEO Govind Balakrishnan says that listening on Curio’s platform increased 40%in the previous couple of months, despite the fact that many people thought audio and podcasting was primarily for commuters.
- We got an exclusive take a look at the pitch deck it utilized to bring brand-new investors on board.
- Check out Organization Expert’s homepage for more stories
Audio platform Curio has actually raised a $9 million Series A round led by European VC fund Earlybird.
VC funds Draper Esprit, Cherry Ventures, and Hong Kong billionaire Li Ka-shing’s Horizons Ventures also participated in the round, bringing its total funding to $11 million.
Curio is a membership audio platform offering a curated library of narrated posts selected by a combination of artificial intelligence and human curation from publications such as The Wall Street Journal, The Washington Post, and Financial Times.
CEO Govind Balakrishnan says audio is a big market opportunity beyond simply podcasting, including that 60%of Curio’s subscribers are not podcast listeners.
” There is really great journalism, actually great stories and ideas … and all of this typically gets subsumed under the everyday news agenda,” he informed Business Expert. “I thought there is a real chance to develop what we call a full stack audio platform where we have really fantastic curated material. However, on top of that, you have a product experience that complements the material.”
Curio says it has much higher user engagement than traditional news publications, with the typical session for an engaged user on the platform enduring 60 minutes. As much as 40%of United States users invest less than 5 minutes on the leading United States news websites, according to Seat.
Curio says it has actually seen strong growth through COVID-19, despite the typical belief that audio and podcasting is mostly for commuters. The start-up says that listening on its platform increased 40%in the past few months.
” People are in fact listening a lot more, but what has changed is the kind of content that individuals appreciate,” Balakrishnan said. “People have actually truly gravitated towards the core of our value proposition, which is the sort of content that assists individuals do 3 things: understand the world, improve themselves, and what we call wise escape.”
Curio operates on an ad-free design so that it can concentrate on using information and content to serve the customer and not the advertiser, he said.
It costs $7.99 for a monthly membership to Curio, or $5999 yearly, a part of which is utilized to pay the publishers that the platform partners with for their material.
Curio is focusing on development at this stage, added Balakrishnan. “We are at the start of this … In a method, profitability is great, but I think that would be at the cost of in fact truly developing this platform for the future,” he said.
The UK start-up, which claims to have actually tripled its user base every year, has a fairly young core audience, between the ages of 25 and 34, with 40%of subscribers situated beyond Western markets.
The financing will be reinforce Curio’s position in the United States and UK markets and to broaden its existence in other English-speaking countries, along with to develop AI-driven personalization of the product.
Here’s a special appearance at the pitch deck it used to bring brand-new investors on board: