Pulser Media, the parent company of Rdio, sold equity, warrants or options worth $108 million from unnamed sources over the last 13 months according to numerous new SEC filings. The filings detail amounts of $25 million in April, $4.4 million in December, $3.8 million in November, and $75 million in September of 2013.
At least some of the equity offerings did not involve cash. The September date coincides with a previously known partnership with media giant Cumulus Media. According to a Cumulus filing, the company acquired a 15-percent share of Rdio equity in return for $75 million of promotional commitments over five years. That deal implies a $500 million valuation for Rdio.
A separate filing from Shaw Communications, a Canadian cable and broadband provider, reveals the company made an unspecified investment in Pulser Media as a part of a “marketing, content and promotion partnership” with Rdio.
Available in 60 territories worldwide, Rdio was started and funded by Skype co-founder Janus Friis in 2010. The company had not responded to a request for comment by press time.
This latest funding amount is typical in the world of stream services, businesses that burn through a great deal of cash while growing and launching in new territories. For example, Access Industries has invested $60 million in Beats Music and $130 million in Deezer. Spotify has twice raised $100 million and most recently, in November, raised $250 million in funding.