Women-focused podcast studio ‘Dear Media’ raises $8 million from magnet companies

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Dear mediathe women’s podcast network co-founded by one of the digital talent company’s masterminds Digital brand architects (DBA), landed serious funding.

Dear Media has raised $8 million in a Series A round from Magnet companiesa private equity firm founded by media and tech veterans Jeff Berman, Betsy Morganand old GenialTV President Brett Boutier. The funds will be raised to grow Dear Media’s talent roster and develop original intellectual property. Dear Media will also use the new capital to invest in early-stage direct-to-consumer (DTC) product companies that will leverage the Dear Media pod network as a marketing vehicle.

Dear Media, which helps creators design, publish, produce, distribute, and monetize podcasts, is home to a myriad of lifestyle creators, including: Lauryn Evarts, Jackie Schimmel, Wendy Lopez, Jessica Jones, Jill Dunn, Carlene Higgins, Whitney Harbor, Gaby Dalkin (picture above), Lauren McGoodwin, Heather McMahanand Gaby Reece. The shows focus on career development, parenting, health and wellness, comedy, sex and relationships, and activism and advocacy.

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The network’s 40 shows have been downloaded 150 million times, with hosts boasting more than 25 million followers across all of their social media channels. Dear Media has worked with advertisers like LinkedIn, Microsoft, Ultimateand Sephora on long-term relationships that have resulted in six- or seven-figure contracts for talent, he says. The new funding will allow Dear Media to further diversify its advertising portfolio, including seeking out more DTC players.

Dear Media was founded in 2018 by the founder of DBA Raina Penchanski and the contractor Michael Bossick. While DBA was acquired by talent giant UTA last February, Dear Media operates as an independent entity. Given its affiliations, however, the funding will allow Dear Media to hone talent collaborations with the aforementioned agencies.

“The podcast medium needed an update for a long time. Not just in the voices that are represented, but in how those voices can engage in this space,” Bossick said in a statement. “Prior to the creation of Dear Media, these voices were underrepresented and underutilized…This investment will help us address the strong demand we have seen from audiences for our programming to develop new business models that, we believe are the future of audio and commerce.”

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