Glow Technologies, a startup whose platform lets podcast creators set up payment options for fans to fund their shows, has raised $2.3 million in seed financing from backers including venture-capit…
Greycroft led the round with participation from WndrCo, Norwest Venture Partners, PSL Ventures, and Revolution’s Rise of the Rest Seed Fund. Angel investors in the round includedSeattle-based Glow positions its platform as enabling podcasters to build media businesses, initially through tools to let them generate revenue directly from listeners. The startup launched in beta in June.
Valliani teamed with Ben Gilbert, co-host of tech podcast “Acquired,” who was looking to solve the same problem. They collaborated on launching Glow out of Pioneer Square Labs, the startup studio Gilbert co-founded. Glow now powers subscriptions for the premium version of “Acquired,” which generates more revenue than the original ad-supported podcast.
Glow isn’t trying to build a “Netflix for podcasts,” according to Valliani — that’s closer to the model of Luminary Media, which offers a $7.99 monthly subscription-based service for access to exclusive content. Rather, Glow is like the “Shopify for podcasts,” she said, referring to the company that lets merchants set up their own ecommerce businesses. “Glow is building a solution targeted at these hundreds of thousands of podcasters feeling the pain of this monetization gap,” Valliani said.
“We’ve been looking for a company tackling the subscription business model in podcasting in the right way that’s native to the medium,” Alan Patricof, founder and managing director of Greycroft said in a statement. “Creators have relied solely for advertising for too long, and we love the sustainable way that Glow enables podcasters to thrive in this incredibly fast-growing media category.”
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