Comcast Ventures, the corporate venturing arm of mass media group Comcast, has co-led a $50m funding round for US-based online radio network TuneIn, Bloomberg reported on Friday.
Marker and Institutional Venture Partners (IVP) co-led the round, which valued TuneIn at $500m and which included Sequoia Capital, Causeway Media Partners and General Catalyst Partners, according to a person with knowledge of the matter.
Founded in 2002, TuneIn runs a platform that provides online listeners with access to more than 100,000 stations and 4 million podcasts. It claims to have 60 million users across 230 countries and territories.
The company is aiming to grow by attracting users to a subscription service it launched in 2015 to cover live sporting events. It will use the funding to acquire rights to more sporting events and podcasts.
TuneIn has now raised about $140m in funding altogether, according to Bloomberg. GV, the corporate venturing unit then known as Google Ventures, is also an investor, having contributed to a $16m round in 2012 that included General Catalyst, Sequoia and Jafco Ventures.
GV returned the following year to participate in a $25m round for TuneIn that was led by IVP and backed by General Catalyst Partners and Sequoia Capital.