TuneIn, a service for listening to the world’s radio, has completed a USD25m round of funding led by Institutional Venture Partners (IVP), with participation from existing investors Sequoia Capital, Google Ventures and General Catalyst Partners.
TuneIn has also surpassed one billion listening hours in the first four months of 2013, with more than 227 million listening sessions in the month of March alone, solidifying the company’s position as the world’s number-one service for listening to live, online radio.
“This investment gives us the capital to accelerate the development of new technologies and support our ongoing expansion,” says John Donham, chief executive of TuneIn. “We will use this funding to leverage our momentum, with a particular focus on growing ad revenues for our broadcast partners.”
TuneIn has more than 40 million monthly active listeners across 230 countries and territories. The company had 227 million listening sessions of 60 seconds or longer in the month of March.
“TuneIn’s rapid growth, superior business model, and ubiquitous product make for a compelling investment,” says Jules Maltz, general partner at IVP, who will join the TuneIn board of directors. “John Donham is an exceptional leader with a vision to fundamentally transform the multi-billion dollar radio industry.”
