Confirmed: Pandora Raises A Huge Round, Post Streaming Rate Agreement
With its potential troubles behind it, having reached a deal to stream music while staying afloat financially, it looks like Pandora is getting flush with cash. The Internet streaming radio service has raised a new $35 million round of funding, multiple sources told peHUB earlier, and we’ve just confirmed the round with the company. Pandora is being mum on the huge number, but is saying that Greylock Partners led the round and that Greylock partner David Sze will be joining Pandora’s board. Greylock joins existing investors Crosslink Capital, Walden Venture Capital, Labrador Ventures, King Street Capital, Hearst Corporation, DBL Investors, and Selby Ventures in the funding. Assuming the $35 million is correct, that’s a huge numer and actually more than all of Pandora’s previous rounds combined. Pandora had previously raised slightly over $20 million, but the last round was in 2005. But this new funding comes when Pandora expects to be profitable by next year, and is coming off its best quarter in terms of ad sales yet. “New funds will be used toward the continued growth and development of Pandora” is all the company will say on how they plan to use this large chunk of change. This is no doubt a case of investors hopping on board now that the skies seem clear for Pandora. It’s one of the most popular streaming radio services, and the fact that it looks on the verge of making money is a good sign. [photo: flickr/ dan4th ] Crunch Network : CrunchBase the free database of technology companies, people, and investors
More….
Related posts:
- Social Gaming Still In Play – Wooga Raises An Additional €5 Million It seems that social gaming is where the action...
- LogLogic Raises $8.8 Million for IT Security Management Service LogLogic, a security and log management firm that helps...
- GOGII Raises $8.2 Million Series B For Free iPhone Texting GOGII , the company behind the popular iPhone applicaiton...
- Lucid Imagination Raises $10 Million For Apache Search Technology Lucid Imagination , the startup that commercially distributes the...
- Project Fair Bid Raises $4.5 Million For Stealth Auction Platform Project Fair Bid, a stealth startup that is creating...
Related posts brought to you by Yet Another Related Posts Plugin.