Quake, a subscription podcast company founded by media veterans, has raised an additional $3.5 million, Axios has learned.
Details: The round was led by Chicago Ventures with participation from a few individual investors, including Cameo founder and CEO Steven Galanis and SpotHero founder and CEO Mark Lawrence.
- “We are very encouraged by Quake’s early conversion and retention metrics,” said Stuart Larkins, co-founder and partner of Chicago Ventures.
- “[W]We look forward to strategically expanding their audience through targeted marketing, adding new political shows (including even more shows with video) and vertical content for communities passionate about sports, religion and more. .”
- Executives say the network saw a retention rate of around 90% after the one-week free trial and a retention rate of nearly 90% on the monthly churn rate after the trial expired free.
Rollback: Quake launched last year with $2.5 million in seed funding. The new round brings the company’s total funding to $6 million.
- Network features exclusive podcasts from top current affairs talk show hosts like Laura Ingraham, Gretchen Carlson, Marc Lamont Hill and Buck Sexton, for a monthly rate of $2.99.
- Its founders include Mike Morrell, a former ESPN reporter and Bleacher Report executive, and Doug Rosenberg, a former political leader who launched one of the first syndicated Spanish-language radio shows in 2012.
The big picture: The increase is part of a broader industry push around podcast subscriptions and exclusive content. Apple and Spotify both launched podcast subscription deals this year.