TuneIn Raises $25 Million, Surpasses One Billion Listening Hours In 2013
May 29, 2013 at 12:19 PM (PT)
TUNEIN has a $25 million round of funding led by INSTITUTIONAL VENTURE PARTNERS, with participation from existing investors SEQUOIA CAPITAL, GOOGLE VENTURES and GENERAL CATALYST PARTNERS. TUNEIN also announced that it surpassed one billion listening hours in the first four months of 2013, with more than 227 million listening sessions in the month of MARCH alone.
"This investment gives us the capital to accelerate the development of new technologies and support our ongoing expansion," said TUNEIN CEO JOHN DONHAM. "We will use this funding to leverage our momentum, with a particular focus on growing ad revenues for our broadcast partners."
"TUNEIN’s rapid growth, superior business model, and ubiquitous product make for a compelling investment," noted IVP General Partner JULES MALTZ, who will join the TUNEIN board of directors. "JOHN DONHAM is an exceptional leader with a vision to fundamentally transform the multi-billion dollar radio industry."