The top service to listen in to the world's radio, TuneIn, recently announced that it was able to raise US$25 million from its most recent funding round. The round was led by Institutional Venture Partners together with existing investors such as Sequoia Capital, Google Ventures and General Catalyst Partners.
The company also announced that its service has surpassed one billion listening hours in just the first four months in 2013, having more than 227 million listening sessions for March. This solidifies the company's stature as the top service in the world in listening live radio online.
According to the CEO of TuneIn, John Donham, "This investment gives us the capital to accelerate the development of new technologies and support our ongoing expansion. We will use this funding to leverage our momentum, with a particular focus on growing ad revenues for our broadcast partners."
Joining TuneIn's board of directors is Jules Maltz, General Partner at IVP, who said, "TuneIn's rapid growth, superior business model and ubiquitous product make for a compelling investment. John Donham is an exceptional leader with a vision to fundamentally transform the multi-billion dollar radio industry."
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