Stitcher Closes On New Round Of Funding
September 21, 2011 at 4:17 AM (PT)
Internet "talk radio" and podcast personalized relay service STITCHER has closed on a Series C round of venture capital financing, securing $10 million in financing from NEW ENTERPRISE ASSOCIATES and others including BENCHMARK CAPITAL, NEW ATLANTIC VENTURES, and RON CONWAY. NEW ENTERPRISE ASSOCIATES General Partner RAVI VISWANATHAN will join STITCHER's board of directors.
"STITCHER has created for talk radio what PANDORA, SPOTIFY, and others have built for music. They've made it personalized; they've made it mobile; and they've made it available when and where people want it," said VISWANATHAN. "In terrestrial radio, talk programming has generated a $5 billion advertising market. The potential here is tremendous, and (CEO) NOAH (SHANOK) and his team have the vision to realize it."
"In the last year, we've increased our content offerings by 50% and quadrupled our listening time," said SHANOK. "We expect growth over the next year to continue even more aggressively, and RAVI's guidance, along with NEA's investment, will help us get there."