Rdio Secures $17.5 Million In Financing; Rob Cavallo Joins Board
February 3, 2011 at 5:08 AM (PT)
RDIO, the unlimited, on-demand social music service from the founders of SKYPE, have raised a new financing round in the amount of $17.5 million from new and existing investors. The latest round adds MANGROVE CAPITAL PARTNERS to their roster of investors that includes RDIO co-founder JANUS FRIIS, through his investment entities, as well as ATOMICO and SKYPE.
Additionally, WARNER BROS. RECORDS Chairman ROB CAVALLO has joined the RDIO board to help further strengthen RDIO's relationship with the music industry.
"We are changing the way we find and listen to music. Anything and everything is instantly available from any computer and phone and easily shared with our friends. The days of expensive music downloads are coming to an end," said RDIO co-founder JANUS FRIIS.