Evergreen Podcasts announced that Lake Effect Radio has committed to an additional round of investment in the Cleveland-based podcast company. The $500,000 investment will help fund the working capital position of Evergreen and support the company's podcast industry expansion.
"In these uncertain times, I'm certain that podcasting has a bigger future than ever," Lake Effect Radio Principal Joan Andrews said in a statement. "With this investment, I want not only to help this great company thrive, but to keep millions of people all over the world enriched and entertained with this great programming."
Evergreen Podcasts CEO Michael DeAloia added: "This new investment round comes at a crucial time. In a period of economic uncertainty for most companies, Evergreen continues to see growth in its branded podcast and partner podcast lines of business. As companies are forced to move remote, more businesses are looking for alternate means of communication. Podcasting is positioned for enormous growth in this work-from-home economy."
The new capital from Lake Effect Radio is expected to be invested in working capital, marketing enhancements, improved hosting and distribution platforms, and critical new podcast show production. Evergreen Podcasts was founded in January 2017 with one employee and two interns. During its first year of operation, Evergreen launched four podcasts with nearly 18,000 podcast downloads. By the end of 2019, Evergreen had added 20 new podcast programs and enjoyed over 1 million downloads. As of 2020, the company has 34 podcast programs that have been downloaded in over 180 countries.
Podcasts published by Evergreen include Rebel Force Radio, The Chad & Cheese Podcast, Burn the Boats, Riffs on Riffs, Pit Pass Moto, Professional Book Nerds, Banking Transformed, Your Teen, Up2 and Wake Up Call. The entire Evergreen Podcasts catalog can be found on iTunes, Spotify, Pandora and over a dozen industry leading podcast platforms, worldwide. The company employs 14 full-time staff members in addition to 25 freelancers.