TuneIn online radio raises $25m
May 29, 2013
TuneIn has raised a new $25 million round of funding. TuneIn CEO John Donham says that he intends to spend the new funding on a monetisation strategy that could help radio broadcasters finally make money with their programming online, and in turn transform a $30 billion industry.
TuneIn is offering access to live and on-demand programming from some 70,000 radio stations, and Donham said that the service has seen a huge uptake on usage in recent months: TuneIn users streamed more than one billion hours of programming during the first four months of this year, he told me, and the company is now seeing more than 40 million active users per month. Growth is especially pronounced on mobile devices, where the company now sees the majority of its use.
Including the most recent round, TuneIn has raised a total of $47 million. The new funding was led by Institutional Venture Partners, with existing investors Sequoia Capital, Google Ventures, and General Catalyst Partners joining in on the round