Talk about a comeback. Not only has online music streaming service Pandora settled its long-standing disagreement with music labels over the royalties it pays, but the company has also raised $34 million of a $35 million round of funding we have confirmed. PE Hub first reported the news this afternoon.
Pandora will have now raised $64 million since its start nine years ago. Greylock Partners led the investment round, joining existing investors Crosslink Capital, Walden Venture Capital, Labrador Ventures, King Street Capital, Hearst Corporation, DBL Investors, and Selby Ventures. Greylock partner David Sze is joining Pandora’s board.
The news of the funding comes only two days after Pandora and other internet broadcasters announced a new copyright deal with the record labels, although PE Hub says the funding had been closed before then. In May, founder Tim Westergen said the company could become profitable for the first time next year, assuming it could reach a favorable settlement. He also said Pandora was on track to double its revenue this year.
By Joseph Tartakoff