MDIF invests in Colombian podcast studio La No Ficción

Media Development Investment Fund (MDIF) has invested in La No Ficción, the Bogotá-based podcast production company, backing its expansion into Spain. It is MDIF's fourth investment in Colombia since 2004.

La No Ficción was founded in 2018 by Juan Serrano, Daniel Díaz and Miguel Reyes and incorporated in 2020. It produces investigative series, narrative non-fiction and documentary podcasts in Spanish, and has won five Simón Bolívar awards, Colombia's leading journalism prize, in that time. Its five top podcasts have been listened to more than eight million times, with the flagship interview show El Topo averaging 50,000 listens per episode.

The company has a diversified revenue model across branded podcasts for corporate and institutional clients, work-for-hire commissions for platforms, co-productions with media organizations and independent creators, licensing for audiovisual adaptation, and an IP lab developing original story concepts for screen.

La No Ficción will use the investment to expand into Spain and build the commercial capacity behind it: stronger branded content sales and marketing, a pipeline of documentary podcasts and original concepts built for adaptation by streaming services, and in-house video production, as podcast audiences shift toward watching rather than only listening. It will also support co-productions with established creators, with both sides sharing the IP.

"La No Ficción combines rigorous research and compelling storytelling to bring overlooked issues into public conversation," said Ana Soffietto, Program Director for Latin America at MDIF. "It has built a loyal, young audience, diversified revenue streams and innovative co-production models. With that commercial base beneath quality journalism, it is a strong investment for MDIF on both the mission and the business case."

"This investment marks the beginning of a new and promising chapter for our company. In a rapidly evolving media landscape, this partnership will allow us to explore different formats, expand internationally and take our storytelling craft to uncharted territories," said Juan Serrano, co-founder and executive producer of La No Ficción.

"MDIF has spent three decades backing independent media around the world. We are proud to join its portfolio, which connects us to a remarkable global network of media companies while preserving the editorial independence that defines our work," he added.

Miguel Reyes, co-founder and executive producer of La No Ficción and host of El Topo, echoed that enthusiasm: "We're thrilled to join forces with MDIF. The entire process has felt natural and collaborative, and we couldn't have found a better partner: generous, supportive, and deeply committed to independent media and quality journalism at a time when both are needed more than ever. This investment gives us the confidence and support to keep growing while doing what we love and believe in."

About La No Ficción

La No Ficción is a Colombian premium podcast studio and IP lab. Founded in 2018, it pioneered narrative documentary podcasting in Colombia and has since produced more than 20 shows, from in-depth interviews to investigative and historical series. Combining rigorous journalism, rich sound design and a human lens, its work has earned five Simón Bolívar National Journalism Awards and a Premio Ondas Global del Podcast. La No Ficción has worked with Spotify, Podimo, Caracol TV, Sony Music and Dynamo, and several of its stories are being adapted for film and television.

About Media Development Investment Fund

Media Development Investment Fund (MDIF) is the only global non-profit impact investment fund financing businesses that keep society informed and democracy alive. Through investment, strategic support and steward ownership, MDIF builds the commercial strength public-interest information companies need to stay independent and better serve the public. It has done this since 1995, in places where access to independent information is under threat and democracy is under strain.