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Podcaster Luminary Seeks Fresh Cash to Buoy Struggling Business

  • Startup raises more than $30 million in round, looks for more
  • Company also cuts spending on marketing, new shows and staff

Luminary Media, the money-losing podcasting startup, has raised more than $30 million in a new round and is seeking more funding as it tries to ride out the global pandemic, according to people familiar with the matter.

The funds were raised at a level below last year’s $200 million valuation, said the people, who asked not to be identified because the process is private. The company, which is also cutting costs after struggling to attract subscribers, plans to use the money to fund operations and future programming.