Expect to hear more live music at TuneIn in the near future. The company announced Monday it has raised $16 million in a round of funding, led by General Catalyst Partners, with participation from Jafco Ventures , Google Ventures and existing business partner Sequoia Capital. It had previously raised $6 million from Sequoia Capital and Startup Capital Ventures.
TuneIn is a web- and mobile-based webcasting service that offers 70,000 stations and two million on-demand programs ranging from music to sports to political talk shows. The service differs from Pandora and iHeartRadio in that it does not offer personalized listening experiences. However, TuneIn's wide range of programming and ability to act like a search engine helps the listener delve into niches as well as its peers.
TuneIn also announced it surpassed 40 million monthly active users in July, up from the last publicly available figure of 30 million monthly active users. For perspective, Pandora ended June with 54.5 million active users.
Part of the new funding will go to building out the TuneIn product on mobile and consumer electronics platforms, CEO John Donham tells Billboard.biz. Mobile is the company's fastest growth segment, with mobile listening more than tripling and mobile listeners increasing 267% in the last 12 months.
TuneIn is already available in a couple hundred consumer electronics devices including Sonos and Roku. It is also offered in BMW, Ford and Tesla vehicles with more to be announced in the second half of the year, says Donham.
Donham says the rest of the money will go toward acquiring additional content. TuneIn carries an assortment of audio, from news to sports to talk, and Donham says live music is especially attractive because of its unique nature and widespread appeal. TuneIn has streamed ranging from Hot 97 Summer Jam to the annual SXSW and CMJ festivals. Next, TuneIn will carry the Outside Lands Music & Arts Festival in San Francisco from August 10 to 12.
"There's more to come," says Donham about hosting live music. "We're really excited about this particular area."