Online radio station and audio aggregator TuneIn has raised $50 million to fund a growing portfolio of programming for a paid service to rival Sirius XM.
Today's new $50 million in funding values TuneIn at about $500 million, a source told Bloomberg.
Marker, IVP and Comcast Ventures led the round, which also included Sequoia Capital, Causeway Media Partners and General Catalyst Partners. The company has raised $140 million to date.
TuneIn will use the funding for more original programming including live music, podcasts and sports.
“Two years ago we launched a premium subscription with a play by play of every game from every league, home and away, with worldwide rights for every connected device,” Chief Executive Officer John Donham told Bloomberg
. “It turns out those deals are not cheap. We’re excited about building a subscription base. But in the mean time, we’re paying for that content.”
This story appears courtesy of HypeBot.
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