On March 4, 2022, Zurich-based startup, Snipd raised USD 700K in pre-seed funding. Snipd is an AI-powered podcast player. The oversubscribed pre-seed funding round saw investment from Wingman Ventures, a Swiss Venture Capitalist firm. Early-stage U.S venture capitalist firm, Acequia Capital, and Contovista co-founder, Gian Reto à Porta also invested in Snipd.

Snipd’s Purpose for Funding

The firm will use the fresh capital to add further innovations to its products. The additional funds will help in expansion for Snipd. It aims to expand its user base.

snipd

 The company shall also see a surge in its team size.

The pandemic aided in the boom of the podcast industry. Emarketer forecasted podcast’s advertising revenue to grow more than double and reach USD 2.7 billion by 2025. Social media giants like Twitter are rumoured to be entering this space. The podcast industry is on the rise and shows no sign of slowing down.

What the co-founder has to say-

“Podcasts are one of the largest sources of knowledge globally. 3 out of 4 podcast listeners say they listen to learn something new. At the same time, AI is fundamentally changing how we interact with spoken audio,” said Kevin Smith, co-founder and CEO of Snipd.

What the investor has to say-

 Hank Vigil, founder and managing partner, Acequia Capital, said, “We are still in the early days of podcasting. The market is growing, and podcast content has increased by 150% since 2018.” 

acequia

About Snipd

Kevin Smith, Ferdinand Langnickel, and Mikel Corcuera brought Snipd into existence in 2021. It is an AI-powered podcast that is easy to use. Snipd enables its users to capture, discover, and share the best moments in podcast episodes. The majority of its users are US-based. 

Listeners receive personalised recommendations similar to Pinterest’s discovery features. The recommendations come in the form of short highlights called ‘snips.’ Users get to quickly navigate through the vast amount of content and also find relevant new information.

Furthermore, Snipd allows its users to create their own ‘snips.’  The platform helps to capture and save noteworthy podcast moments to their collection. AI-generated transcript, summary and title aid in the execution of the collection.

AI is fundamentally changing the way to interact with spoken audio. Snipd via its reinforced learning and accessibility helps to drive this change. Snipd’s AI-generated features, chapters, and titles are pioneering the podcast revolution.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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