Gimlet Media British advertising firm WPP announced it was investing $5 million in Gimlet for a minority stake in the company. Alex Blumberg, a radio journalist, producer for "This American Life", and co-founder of "Planet Money", came up with the idea of a for-profit podcast network after the success of a T-shirt fundraising campaign for "Planet Money". He chose to document the foundation of Gimlet in the first season of "StartUp", the company's first show. Gimlet's co-founder, Matthew Lieber, holds an MBA from the MIT Sloan School of Management, is a former radio producer at WNYC, and worked as a management consultant
Gimlet Media at a $10 million valuation. After raising most of its initial capital from investment firms Betaworks, Lowercase Capital, and Knight Enterprise Fund, Gimlet invited the listeners of its shows to help raise the last $200,000 through crowdfunding platform Quire. The company was estimated to bring in $2 million in advertising revenue in 2015. In December 2015, Gimlet closed a Series A round of funding that raised $6 million at a $30 million valuation. In July 2015, Gimlet announced it would add the option to pay for membership, a decision motivated by a desire to diversify revenue streams to include more