Pandora raises new funds for Net radio business

Shortly after announcing a favorable new royalty payment deal with the music industry, the Internet music-streaming start-up Pandora confirmed that it has raised new funding from Greylock Partners.

The size of the round is $35 million, according to a Friday report at PE Hub, a forum for private equity discussion. Pandora confirmed that Greylock Partners led the investment and said David Sze from the venture capital firm has joined its board.

“Consistent with our past practice, the amount and valuation are not being disclosed,” the company said in its statement. “New funds will be used toward the continued growth and development of Pandora.”

Pandora is among Internet music-streaming sites that last week reached a music royalty deal with SoundExchange, the group that collects royalties on behalf of artists and labels.

For revenue, Pandora currently plays and shows advertisements and offers a…

continue reading from source by Stephen Shankland


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