Google Ventures, the corporate venturing unit of search engine Google, has participated in a $25m round of funding into US-based TuneIn, an online radio service.
The round was led by private equity investment firm Institutional Venture Partners (IVP), with participation from venture capital firms General Catalyst Partners, Sequoia Capital and General Catalyst Partners.
John Donham, chief executive officer at TuneIn, said: “This investment gives us the capital to accelerate the development of new technologies and support our ongoing expansion, we will use this funding to leverage our momentum, with a particular focus on growing ad revenues for our broadcast partners.”
This brings the total raised by TuneIn to $47m, following a $6m round of funding in January 2010, led by Startup Capital Ventures and $16m in August last year, led by General Catalyst Partners.
TuneIn reports that it has over 40 million users streaming in over 230 countries.