Gimlet Raised $15 Million

Gimlet Media is an award-winning narrative podcasting company that aims to help listeners better understand the world and each other. It was founded in 2014 and is based in Brooklyn, New York. Gimlet raised $15 million earlier this month, something that appears to be unheard of for a podcasting company.

Variety reported that Gimlet Media raises $15 million in Series B financing led by investment firm Stripes Group.  It is a leading growth equity firm that makes $10-150 million investments in internet, software, healthcare IT and branded consumer business.

Variety also reported that Emerson Collective also joined in the funding round. Emerson Collective was established by, and is led by, Laurene Powell Jobs. Emerson Collective is dedicated to removing barriers to opportunity so people can live to their full potential. They use a wide range of tools and strategies to develop and execute innovative solutions that will spur change and promote equality.

ReCode reported that previous to the $15 million, Gimlet had raised $7 million.

People familiar with the company say investors valued Gimlet at $55 million pre-money – that is, it’s worth $70 million now – and that the 80-person company is on track to generate something in the range of $15 million this year.

The ReCode article includes interesting information about why venture capitalists had not been interested in investing in podcasting. The article also points out that Gimlet “will use some of the money to build out new programs, train new podcasters, expand the company’s in-house advertising shop and work on exporting hit podcasts into other formats.”