A pre-series A round of funding for audio content platform Fonos, which was headed by North Base Media and included participation from AngelCentral, Orvel Ventures, and Vietcetera’s Vietnam Innovators Fund, received US $1.8 million. The business’s most recent seed fundraising round was US $1.1 million in 2021.
The Vietnam-based company, which was established in 2019 by Xuan Nguyen and Oscar Jesionek, has assembled over 2,100 unique meditation resources, including book summaries and CDs.
According to Fonos, its income increased seven times in 2021, and it will likely continue to grow this year. In October 2022, it also reported 130,000 monthly active users on its app.
For several months, the business claims, Fonos has held the top rank in the book category for both the Apple and Android app stores in Vietnam. According to data.ai statistics, Fonos is the company that sells the most audiobooks in the nation.
The business will utilize the new money to increase its podcasting presence and intensify its attempts to find new material.
“We’ve been laser-focused on the audiobook market for the past three years with the goal of becoming the market leader. We’re now ready to take that same focus and apply it to the podcasting market,” CEO and co-founder Jesionek said.
The company claims it will introduce a number of similar projects in Q1 and Q2 2023 with plans to establish itself as a major participant in the Vietnamese podcasting market.
