Dear Media Secures USD 8 Million in Series A Funding Round from Magnet Companies
Dear Media has been pegged to be at the front wave of the sea of change in the media industry. The company helps individuals conceptualize, develop and produce customized podcasts with a personalized touch and an emphasis on female hosts and voices
Fremont, CA: Podcast network company Dear Media raised USD 18 million in a Series A financing round from Magnet Companies. The California based company is renowned for female-focused shows like The Bitch Bible, The Skinny Confidential: Him & Her and Taste of Taylor. Dear Media has been pegged to be at the front wave of the sea of change in the media industry. The company helps individuals conceptualize, develop and produce customized podcasts with a personalized touch and an emphasis on female hosts and voices.
“This medium has been in need of an update for a long time. Not only in the voices that are represented, but in the way those voices are able to engage in this space,” said chief executive Michael Bosstick. “This investment will help us meet the strong demand we’ve seen from audiences for our programming to develop new business models that we believe are the future of audio and commerce.” The proceeds from the new investment round will be to expand the company's programming slate of women-focused audio shows and fund original projects. The company stated that a part of the funding would be directed towards investment in direct-to-consumer product startups that make lifestyle package goods designed for women.
Dear Media was founded in 2018 by Raina Penchansky and chief executive Michael Bosstick as an offshoot of their existing West Hollywood-based influencer management firm Digital Brand Architects. The company has over 40 shows hosted on Apple Podcasts. The various topics of focus include career development, parenting, wellness, activism and advocacy, relationships, and wellness. The podcasts are predominantly hosted by women, including the likes of Chef Gaby Dalkin, who hosts 'What's Gaby Cooking' and a limited edition series called 'What's Gaby Cooking in Quarantine,' to help listeners stay nourished while using random left-over pantry ingredients.
Holding company Magnet Companies was the sole investor in the Series A and a new backer of Dear Media. Magnet Companies co-founder Jeff Berman stated, “Dear Media is far more than a podcast network — it’s a home for a growing roster of spectacular talent and has created a unique monetization model that allows creators to make more in a much smarter way.”
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