Morning Report: Mixcloud raises $11.5 million Series A for audio streaming.
The round was led by Beverly Hills-based WndrCo, a holding company focused on media-focused technology. Its other investments include the popular online news channel the Young Turks, which distributes to a large audience on both Youtube and Facebook.
UK-based Mixcloud was founded in 2008 by Mat Clayton, Nico Perez, Nkhil Shah, and Sam Cook who, according to its website, met each other while running a radio show at Cambridge University.
This is the first known funding round for Mixcloud but not its first attempt. According to TechCrunch, the founders attempted to fundraise after quitting their jobs to found the company to no avail, which the founders attribute to possible unease over the fallout of Napster and an under-the radar music streaming ecosystem.
Unlike Spotify, which is primarily focused on music streaming, part of Mixcloud’s approach is that users can not only listen to radio shows, podcasts and DJ mixes, but are encouraged to upload their own content. (To answer the obvious piracy question, in December 2017, the company announced its partnership with Gracenote, a music recognition technology company, to improve copyright flagging capability on its site.) According to that announcement, the company is home to more than 12 million DJ sets, radio shows, and podcasts, and boasts a community of more than 1.2 million people uploading more than 1,000 hours of content a day.
The company will use its new capital to expand globally to the U.S. where Spotify and Apple Music are battling for music streaming market share. If the bet will pay out we’ll know soon enough.
From The Crunchbase Daily:
- Companies with at least one female founder raised $3.6 billion in the first quarter, representing just nine percent of venture dollars invested globally, according to an analysis of Crunchbase data. For solo female founders, the share was far lower.
- Online education provider Pluralsight has filed to raise about $100 million in an initial public offering. The filing follows a period of rising revenues and sharply deepening losses for the 14-year-old, Utah-based company.
- Cryptocurrency unicorn Coinbase has acquired Earn.com, a startup that uses blockchain for its paid email service, in a deal reportedly valued around $120 million. Coinbase also named Earn CEO Balaji Srinivasan as its first CTO. The purchase is Coinbase’s fifth to date.
- Israel’s Applitools, a provider of tools to automate some of the visually demanding aspects of software quality testing, has raised $31 million in a Series C round led by OpenView.
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