TuneIn raises $25M, poaches Google exec Martinez for CFO spot
Streaming music, news and sports service TuneIn has closed a $25 million funding round led by Institutional Venture Partners, with existing investors Sequoia Capital, Google (NASDAQ:GOOG) Ventures and General Catalyst Partners also participating. The firm has now raised $47 million in total financing to date.
TuneIn offers access to more than 70,000 FM, AM, HD and Internet stations, touting more than 2 million on-demand programs from content partners including CBS Radio Network, NPR and Entercom. The company has also teamed with podcasters like comedian Adam Corolla, pro sports franchises including the New England Patriots and live music festivals like Outside Lands.
TuneIn is available across more than 200 connected devices, offering both free services as well as the TuneIn Radio Pro option, which enables listeners to record broadcasts for a onetime download fee of $4.99. Last year, T-Mobile US (NYSE:TMUS) added the TuneIn application for Android to its T-Mobile Mall Music Hub. Earlier this month, the startup revamped its Apple (NASDAQ:AAPL) iOS app, introducing a new Live screen presenting album artwork and show titles that flip every time something new starts. Users may also swipe through each title to discover new songs or shows that just started on a station somewhere in the world.
TuneIn listener hours across all platforms eclipsed 1 billion within the first four months of 2013, with more than 40 million monthly active listeners across 230 countries and territories.
TuneIn said it will leverage the new funding to develop new products and build out its internal capabilities, with a focus on strategic, senior hires. To that end, the company announced it has named Axel Martinez as its chief financial officer. Martinez formerly served as Google's assistant treasurer and head of capital markets.
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