Pandora Media, an online radio network backed by US-based media group Hearst, has agreed to raise reportedly about $100m from private equity firm Elevation Partners, according to news provider TechCrunch.The investment will be made as part of a sale of shares from Pandora’s existing investors.
In June, news provider VentureWire said Pandora had started raising a new round led by Sino-American venture capital firm GGV Capital and including media advisory firm Allen. A regulatory filing that month said Pandora raised $12.2m.
Previously, VentureWire said Pandora had raised about $56m from Hearst and VCs Greylock Partners, Crosslink Capital, DBL Investors, King Street Capital, Labrador Ventures, Selby Ventures and Walden Venture Capital.