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TuneIn Radio Raises $16 Million In Funding
Online radio seems to be gaining a new power-player in the form of TuneIn. The platform now has over 40 million listeners and has closed a round of VC funding.
General Catalyst Partners led the funding round which totaled $16 million adding to the $6 million that was raised by TuneIn way back in 2010. The start-up plans to use the fresh capital to broaden the scope and reach of the online radio service.
Presently TuneIn offers listeners 70,000 radio stations—all for free. It makes its money from advertising and the 2 million on-demand (premium) programs that complete its programming line-up.
TuneIn has big ambitions as outlined by CEO, John Donham: “Our mission is to deliver the best listening experience possible, and it is so meaningful to us that 40 million people have chosen to listen to the world – every month – through TuneIn. This investment will help us fulfill our mission while increasing our headcount and growing our product development and marketing initiatives.”
Clearly TuneIn has some ways to go before it begins to challenge big players like Pandora. But it has a solid start and listeners who seem committed to seeing it grow into something big. $16 million should be enough to help spread the word and beef up the offerings.
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