Updated. Pandora, the music streaming provider and Silicon Valley darling, has raised additional late-stage funding. The round, of an undisclosed amount, was led by
GV GGV Capital and included Allen & Company. Pandora CEO Joe Kennedy said in an emailed statement the funding would be used “to invest in resources we need to continue to execute on our strategy.”
These late-stage funding rounds, rather than IPOs, are increasingly common for today’s strong consumer Internet companies, with others like Facebook, Zynga and Groupon recently taking rounds from the Russian holding company Digital Sky Technologies, which included buying shares from early employees and investors. It’s unclear if anything like that happened with Pandora.
Pandora first launched in 2005 and tried a variety of business models before making freemium work (see that story, as told by CTO Tom Conrad, here). The company has more than 20 million uniques and took in $50 million in revenue last year.
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