Moburst Pays $700k for Kitcaster // More Podcast M&A + Valuation Multiples

May 9, 2025 by Chris Erwin

RockWater Roundup

M&A analysis of the creator economy to make you a better operator and investor.

Today we discuss Moburst’s acquisition of Kitcaster, a podcast booking agency. We analyze deal details, strategic rationale, and why ad agencies are expanding their capabilities in audio.

Let’s break it down…

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–TARGET: Kitcaster–

Overview

Matches clients with podcast shows that align to niches
Helps clients access new audiences through podcast appearances, interviews, aka a podcast booking agency
Founded 2019 by Brandy Whelan, Ryan Estes
15 associated members on LinkedIn
Based in Denver, CO

Financials

$1.5M Revenue
$200K EBITDA
13% EBITDA margin

Company Highlights

52 clients including Kajabi, Obviously, Swag.com, Omnipanel
Offers placement based on industry, such as SaaS, Blockchain, Real Estate, etc

Capital Markets History

April 2025 – Acquired by Moburst

–BUYER: Moburst–

Overview

Full-service digital ad agency
Founded in 2013 by Gilad Bechar and Lior Eldan
7 offices, NYC, SF, Miami, Orlando, Denver, Tel Aviv, London
Services incl strategy, organic mktg, creative, social media
Clients include Google, Uber, Samsung, Pfizer, Nielsen

Company Highlights

2024 Digital Agency of the Year by Mobile Marketing Association
2022-2024 AdWeek Fastest Growing Agency

Business Lines

Digital Marketing – digital strategy, analytics, SEO, social media management, influencer marketing, PR, other conversion marketing
Mobile App Marketing – product strategy, analytics, localization, concept and design, production, social media management

Capital Markets History

Raised $2M+ via accelerators and angel rounds
4th acquisition in 5 yrs, 2nd in 5 months

Target	Deal Date
Kitcaster	Apr-25
Uproar PR	Dec-24
Layer. Digital studio	Jun-22
Clutch Animation House	Nov-19

–DEAL DETAILS–

Overview

Announced 4.14.25
$700K total consideration
0.5x revenue multiple
3.5x EBITDA multiple

Post Deal Ops

Kitcaster and its 52 clients will be integrated into Uproar by Moburst
NOTE: Uproar is new PR division created after Moburst acquired Orlando-based Uproar PR in Dec 2024
Kitcaster cofounders to lead podcast team, will report to Moburst COO Mike Harris

Strategic Rationale

Capture share of est $4.5B 2025 podcast ad spend
Expands Moburst’s end-to-end solutions to customers seeking audio marketing
Provides Kitcaster with resources to expand reach and grow platform
Podcast placement services establishes clients’ companies and executives as credible sources

–WHAT ELSE I FIND INTERESTING–

Podcast M&A and capital flows have been strong in 2025. I talked about this in my analysis of TCG’s $40M investment into Audiochuck and Fox’s acquisition of Red Seat Ventures. And this activity builds upon 2024’s landmark acquisition of Veritone ONE and Oxford Road by Insignia Capital for $100M+, and Acast’s acquisition of Wonder Media. Just this week, PodX bought Lemonada for $30M, which we’ll likely write about soon. Further, newsletter Soundbite reports that QCODE just raised more funding, and that Goalhanger is in talks with TCG for a fundraise. That’s a lot of deal activity! Based on our audio client M&A work and many more insider industry conversations, our team expects capital flows into podcasting to remain strong through the rest of the year.

A note on valuation. Deal price imples a valuation of 0.5x revenue and 3.5x EBITDA. We don’t have much info on Kitcaster’s financial performance (our numbers are based on Pitchbook), so it’s hard to break down the key deal value drivers. Overall, these multiples feel on the lower end of the range, likely driven by subscale revenue and EBITDA of $1.5M and $200k, respectively. We start to see deal premiums pick up at $1M+ EBITDA, and then the next threshold is $3-5M+. Also, 13% EBITDA margin is low, where more more scaled agencies are in the 20-30% range. I’m also unsure about Kitcaster’s recent growth trends, but my guess is that the company wasn’t on a high growth trajectory. Which would explain the need for a sale, to partner up with a larger divsersified agency to drive more revenue growth via a broader package of marketing services to offer prospective clients.

Podcasting is a powerful tool for thought leadership and brand credibility. Following the 2024 election, podcasts have become a mainstream news outlet for many Americans. Podcasts allow hosts and interviewers to have a natural free flowing conversation that makes the audience feel included. This makes podcasts a natural advertising channel for brands looking to reach new customers, and also build credibility through podcast host and show association. This acquisition gives Moburst end-to-end solutions for customers interested in audio marketing. “Podcasting has become one of the most powerful tools for thought leadership today,” said Gilad Bechar, founder and CEO of Moburst.

Podcast market data explains the growing dealmaking in the space. Based on the deal press release, there are over 584M podcast listeners worldwide, and 55% of the U.S. population ages 12+ listen to a podcast at least once a month. Of note, podcasting brings in large audiences with a high penetration rate in niche topics. Further, podcast ad spending worldwide is projected to hit $4.46 billion by 2025, and Hernan Lopez of Owl & Co estimates the size of the global podcast economy at $7.3B when accounting for “audio and video, direct and programmatic ad revenue, branded and work-for-hire podcasts, and consumer payments”. The market data continues to highlight audio as a critical medium for brand awareness and consumer connection, which helps explain why we’re seeing increasing podcast M&A and capital flows – revenue follows consumer behavior, and capital follows revenue!

I’m the founder of RockWater Industries. We do M&A and strategy advisory for creator economy and digital agencies. From buy / sell-side M&A and fundraising, to consumer research and go-to-market planning.

DM me on LinkedIn or email me chris @ wearerockwater dot com