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.”
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