We read earlier today that group music/DJ site Turntable.fm was raising a multi-million-dollar round. After speaking with sources involved in the financing, we can confirm that term sheets were indeed signed yesterday (the deal is so fresh the money has yet to hit Turntable.fm’s bank account).
Turntable.fm raised $7 – 7.5 million at a $37.5 million valuation.
All of the initial investors are in on the round, plus one additional investor. They’re excited by Turntable.fm’s rapid growth and potential.
First Round Capital principal and Turntable.fm investor Charlie O’Donnell recently tweeted, “If Turntable.fm asked me to pay a subscription to take it mobile… I’d do it in a heartbeat.”
The startup has been the talk of New York City since it launched two months ago from the ashes of failed company, StickyBits. We wrote about it last month as one of the hot 25 NYC startups you needed to watch.
Now the music startup has 300,000+ users who include prominent venture capitalists like Bijan Sabet and Fred Wilson, as well as DJ Sir Mix-A-Lot of “Baby Got Back” infamy.
UPDATE: We originally had $7.5 million, turns out it was $7 million.