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TuneIn, the terrestrial streaming radio service, has closed a new $25 million round of funding, the company announced today.
TuneIn aggregates over 70,000 live radio stations (that are available to stream online) and 2 million on-demand audio programs (podcasts, concerts, interviews, etc.) under one web service. It has over 40 million active monthly users across 230 territories and surpassed 1 billion listener hours during the first four months of the year. The service basically makes “dumb” radio, smart by aggregating all the best stations from all over the planet into one place. So, if you crave only college radio stations, you can flip between a couple hundred rather than revert to a different genre when a song comes on you don’t like.
The company said it plans to use the new capital on further development of its radio streaming platform and to expand the service to more people. It also plans to spend money on advancing its advertising revenue and broadcasting partners.
The round was led by Institutional Venture Partners (IVP), with participation from existing investors. As part of the agreement, IVP’s Jules Maltz will join the TuneIn board of directors.
Founded in 2002, the Palo Alto, Calif.-based startup has 70 employees and has raised a total of $47 million in funding to date from General Catalyst Partners, Jafco Ventures, Google Ventures, and Sequoia Capital. TuneIn faces competition from Pandora, iHeartRadio, Stitcher, and others.