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 the participation of 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 measures,” 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 video shows) and vertical content for communities passionate about sport, religion and more. Again.”
- Executives say the network saw a retention rate of around 90% after the one-week free trial and nearly a 90% retention rate on the monthly churn rate after the expiration of the. free try.
Go back: earthquake spear last year with $ 2.5 million in seed funding. The new round brings the company’s total funding to $ 6 million.
- Network functionalities Exclusive podcasts from top news talk show hosts like Laura Ingraham, Gretchen Carlson, Marc Lamont Hill and Buck Sexton, for a monthly fee of $ 2.99.
- Its founders are Mike Morrell, a former ESPN reporter and Bleacher Report executive, and Doug Rosenberg, a former political executive who started one of the first syndicated radio shows in Spanish in 2012.
The big picture: The increase is part of a larger industry push around podcast subscriptions and exclusive content. Apple and Spotify both launched podcast subscription offers this year.