Online radio powerhouse TuneIn Wednesday announced it has
raised a $25 million round of funding led by Institutional Venture Partners.
IVP invested just under $20 million while existing investors Sequoia Capital,
Google Ventures, and General Catalyst Partners, took the opportunity to put
more skin in the game, according to Forbes.
IVP partner Jules Maltz will be taking a spot on TuneIn’s
board. The company also announced it has hired a new chief financial officer,
Axel Martinez, former assistant treasurer of Google.
The Palo Alto, California-based TuneIn boasts over 40
million monthly active listeners around the world and over 1 billion listening
hours in the first 4 months of 2013. The service also surpassed one billion
listening hours between January and April of this year. With these kinds of
numbers, the digital radio company claims to be second only to Pandora in the
space.
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