Music discovery service Pandora has raised an undisclosed amount of funding to promote continued growth, the company said in a statement. The round was led by GGV Capital, with additional investment from Allen & Company. The funding comes almost a year after Pandora nearly faced extinction in its battle with music labels over royalties. Not counting this round, the company has raised $56.3 million in total.
Financially, the company has had some good news and some bad news. Pandora founder Tim Westergren recently claimed that the company brought in $50 million last year. However royalty payments to SoundExchange ate up $28 million. And that doesn’t even include additional publishing costs on top of that. So while in sense, Pandora is doing fairly well for a small company, it needs the funding to try to drive more revenues as costs are only likely to rise.