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October 19, 2006
Spodradio Raises $10M -Benchmark Joins BayTech
Spodradio's founder Mikko Linnamäki let us know that his startup has raised $10M in its second round of financing just ten months after closing the first round, bringing in new investor Benchmark's European fund. The deal wiil be announced today. Baytech its first round investor also came back for this one.
Stuttgart-based Spodradio has developed software and a platform that enables mobilephone users to listen to their favourite radio stations and view related content on their handsets.
Since its first round it has signed "hundreds" of German radio stations and is now set up to offer four kinds of radio content - traditional broadcast radio, podcasts by subscription, and two newfangled ones called radio on-demand, and personalized radio, according to the firm's CEO and founder.
The new investors were brought in to finance the expansion of the business beyond Germany. "We wanted a Trans Atlantic investor in this round," commented Linnamäki, reflecting a common sentiment among entrepreneurs that have taken VC money from Benchmark in the last year.
Linnamäki declined to give us revenue figures, but confirmed the startup is generating sales - and that he is finding demand among mobile network operators who want the service particularly because it gives them a revenue sharing agreement and one where they don't have to worry about managing the billing and delivery aspects.
Read - Spodradio = Digital Radio + Podshow + Swabian Dialect (a:c)
Posted on October 19, 2006 07:58 AM | Posted to News And Updates | Wireless | Permalink
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