The latest fundraising from Internet radio company TuneIn confirms the appeal of traditional radio while bolstering the notion the traditional radio market is ripe for disruption.
Palo Alto, Calif.-based TuneIn has raised $25 million in funding led by Institutional Venture Partners with participation from existing investors Sequoia Capital, Google Ventures and General Catalyst Partners. The company has raised three rounds worth $47 million dating back to 2010. TuneIn CEO John Donham says the new funding will allow the company to accelerate development of new technologies, with a focus on growing ad revenues, and support continued expansion.
A financial bet on TuneIn is a bet that traditional radio — live radio with DJs — will continue to be popular as algorithm-driven online options continue to grow in popularity. TuneIn carries online streams from more than 70,000 AM, FM, HD and Internet radio stations. In other words, if you’re listening to TuneIn, you may be listening to a traditional radio station.
Read the full story: Billboard