Podcast Network Dear Media Announces $8 Million in Series A Funding from Magnet Companies
PRESS RELEASE — May 1, 2020
Los Angeles CA, USA—Dear Media, the largest podcast network focused on strong female voices and audiences, announces today it has raised $8 million in funding from Magnet Companies. The funding will be used to grow Dear Media’s rapidly growing slate of successful podcasts led by top-tier talent and to fund original IP. Dear Media will also use the capital to invest in early-stage, direct-to-consumer companies that will leverage the network’s extensive distribution to maximize reach, engagement, and revenue opportunities.
Dear Media’s network was formed in 2018 as a joint venture between CEO and co-founder Michael Bosstick and Raina Penchansky of Digital Brand Architects (DBA), the top independent influencer management company, that was acquired by United Talent Agency (UTA) in 2019. The company, which operates as an independent entity, has built a social following of more than 25 million across platforms and has exceeded 150 million episode downloads. The network grew its number of shows month-over-month, and now hosts 40+ podcasts focused on career development, parenting, health and wellness, comedy, sex and relationships, activism and advocacy, and more.
“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 Bosstick. “We could not be more excited to partner with Magnet to fuel the rapid growth of this network to bring even more female perspectives to our growing audience. Before Dear Media was established these voices had been underrepresented and underutilized. We view our talent and shows as not only podcast channels but brands within themselves. 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. Dear Media was built to do just that. To break barriers and change the current landscape."
“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,” said Jeff Berman of Magnet Companies.
Dear Media’s podcasts are fronted by top talent including lifestyle guru Lauryn Evarts of “The Skinny Confidential,” Jackie Schimmel of “The Bitch Bible,” wellness and nutrition experts Wendy Lopez and Jessica Jones, beauty editors Jill Dunn and Carlene Higgins, “The Hills” alum Whitney Port, chef Gaby Dalkin of “What’s Gaby Cooking,” Career Contessa CEO Lauren McGoodwin, comedian Heather McMahan, ex-pro Volleyball player and entrepreneur Gabby Reece and more.
With Magnet’s bolstered investment in Dear Media, the company will have ample opportunities to work with an industry-wide roster that includes unique access to talent cross-collaborations within UTA and DBA’s collective reach.
Dear Media continues to attract global brands and digital-savvy partners such as LinkedIn, Microsoft, Thrive Market, Ulta Beauty, and Sephora, due to the network’s vast and highly engaged consumer audience. Dear Media also works with its podcast hosts to create more effective long-term opportunities for brands to maximize impact, resulting in more sales for partners and a 6 to 7 figure compensation for talent. Through funding, Dear Media will expand and diversify its roster of advertising partners, including direct-to-consumer companies and products.
“We started Dear Media with the same spirit as DBA, to develop and amplify female voices,” said Penchansky. “Together with Michael’s unique expertise and Magnets’ vision, Dear Media is perfectly positioned for innovation and growth.”
About Dear Media:
Dear Media (DM) is the largest podcast network focused on strong female voices and audiences. Founded in 2018, DM hosts 40+ podcasts fronted by top-tier talent and has a following of more than 25M across social channels. DM is building the podcast network of the future through a 360 degree business model, providing unparalleled support from concept to editorial, production, distribution, and commerce extensions. Due to its highly engaged and vast consumer audience, the network attracts global brands and digital savvy partners including American Express, Adidas, Fossil, Bloomingdales, Nordstrom, Neiman Marcus, Maybelline, Chevrolet, Fabletics, Microsoft and LinkedIn. Highly Crafted. Compelling Voices. Experience Dear Media.
About Magnet Companies:
Magnet Companies is a private equity-backed holding company that builds, invests in, and acquires consumer businesses to maximize their reach, engagement, revenue, and value. With offices in Los Angeles and New York, Magnet focuses on consumer-oriented properties at the intersection of content, community, and commerce. Magnet was established in 2018, founded by Betsy Morgan, Brett Bouttier, and Jeff Berman.
Digital Brand Architects (DBA) is the industry leader in the influencer management and marketing landscape representing a world class portfolio of diverse social media-oriented personalities, creators, and publishers. Led by founder and CEO Raina Penchansky, DBA continues to move digital culture forward by focusing on top-level content, storytelling, native advertising, and brand development. The company’s roster includes 140 of the most prominent social media influencers. In 2015, DBA launched Digital Brand Products (DBP) to empower its clients and other digital-native properties in developing, manufacturing, and selling their own merchandise. Additionally, DBA launched Dear Media (DM), a podcast studio with a focus on bringing women, their stories and their narratives to the forefront of conversation. In 2017 DBA was named one of Ad Age’s Best Places to Work, with offices in New York City and Los Angeles. Information about DBA can also be found by following the company on social media on Instagram and LinkedIn.
This is a press release which we link to from our daily newsletter about podcasting and on-demand. This is reprinted verbatim; we may rewrite headlines and descriptions. Press releases can be sent to email@example.com