Earlier this summer we reported that Turntable.fm raised between $7 and $7.5 million dollars.
A lot of people didn’t believe us. But, we were right.
On stage today at TechCrunch Disrupt, the group music listening company is announcing that it raised a $7 million round led by Union Square Ventures.
Turntable.fm was a pivot from a failed startup, Stickybits. Stickybits’ original investors, First Round Capital, Polaris Venture Partners, and Lowercase Ventures, also participated in the round.
In addition, a number of entertainment and Internet industry executives invested. Some declined to be named (we speculate Kanye West and Lady Gaga). Other investors include Lady Gaga’s manager, Troy Carter, MTV’s Courtney Holt, former Facebook executive Tim Kendall, The Roots, and Madonna’s manager, Guy Oseary.
Union Square Ventures’ Fred Wilson will be joining Turntable.fm’s board.
The founders had a relationship with Fred Wilson that goes back 15 years. They’ve pitched him before, and Wilson has turned them down before. While west coast investors wanted in on the deal, the founders say that, because they’re a New York company, they wanted to choose nearby investors.
Turntable.fm has been used by 600,000 people (40% are active users), and 1 million songs are streamed on the music site per day. Turntable.fm was founded in May, 2011 by Billy Chasen and Seth Goldstein.
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