Lemonada Media Announces $8 Million in Series A Funding

RADIO ONLINE | Thursday, January 27, 2022 | 12:43pm CT

Lemonada Media

Lemonada Media, a podcast network, has raised $8 million in Series A (second-round) funding led by BDMI, a wholly owned subsidiary of Bertelsmann. Also included in this round are Madison Wells, Greycroft, Spring Point Partners LLC, Intuition Capital, and Owl Capital Group. New and existing individual investors include MediaLink vice chair Wenda Millard and Hillary Clinton's 2016 presidential campaign CTO Stephanie Hannon, as well as Blue Collective, Lemonada's lead seed investor and largest outside investor to date.

Co-founded by Jessica Cordova Kramer and Stephanie Wittels Wachs, Lemonada is entering its third year of operation with a growing slate of 20 original podcasts, reaching millions of listeners per month. In 2021, Lemonada tripled its revenue, added 10 new shows, designed and trademarked an audio reality studio (BEING Studios) led by reality TV veteran Kasey Barrett. It also co-created original shows like "Written Off with Jay Ellis," "Black Bar Mitzvah" and "Believe Her" with publishing house Spiegel & Grau.

"Anyone working with Lemonada gets out of bed in the morning to help make the world a better place. This funding will allow our independent, diverse, women-led, audio-first network to not only grow our slate, but to expand our team, brand and organizational partnerships, and creator community," said Lemonada CEO Cordova Kramer. "In addition to our KPIs around audience and revenue, one goal during this time is to keep a keen eye on diversity, with the intention of reaching new audiences in the U.S. and beyond."

"This is a thrilling moment for Lemonada, allowing our staff, hosts and partners to keep innovating, reach larger audiences with our podcasts, and find ways to bring our community together at live and virtual events," added Chief Creative Officer Wittels Wachs. "More podcasts, yes, but also expanding our reach and bringing more diverse talent and staff into the network, and more partnership with brands who are also looking to make life suck less with us."

"BDMI was inspired by Lemonada's rapid growth, unique voice in the market, and ability to repeatedly create high-quality content that audiences are passionate about. Lemonada is making a positive difference in people's lives and building a successful business while doing it," said BDMI Partner Keith Titan.

Jennifer Fonstad, founder of Owl Capital and Broadway Angels investor network, and Stephanie Hannon, now CPO of Waze, will join Lemonada's advisory council, currently made up of attorney Jamillia Ferris; Dr. Nzinga Harrison, co-founder of Eleanor Health and host of Lemonada's In Recovery podcast; Patrick J. Kennedy, former U.S. Representative and founder of the Kennedy Forum; Wendy Kopp, CEO and founder of Teach For All; activist and author DeRay Mckesson; Andy Slavitt; Kulap Vilaysack; and Melinda Wright, global head of diversity for Cambridge Associates.