Turntable.fm, an online music service has been creating room for people who enjoy DJ in and hand out. It has been the hit of the summer. It has even got many talking about the service going mobile, but the New York start-up today cleared up the questions surrounding the matter by making an announcement that a $7 million round was held which was led by Union Square Ventures. To add in, it even said that it would be introducing an iPhone app and even displayed how that app would look like on the smartphone.
To some, the news might not be a surprise if they had been following along. Reason being that the earlier reports this summer had Turntable’s round pegging at $7.5 million with Union Square Ventures. Last week, TechCrunch had even showed off a few screenshots which related to the iPhone displaying the new Turntable app.
For the spending, Turntable noted that the new funding would be used for building their organization which has moved up in the working people count from three at launch to ten now. The services has more than 600,000 users and the streaming count of songs are more than a million on a daily basis. Turntable team has worked hard to earn more than 25 million awesome votes which are recorded and they have even created over 300,000 rooms.
Turntable’s board would well soon have USV’s Fred Wilson joining in soon. Billy Chasen, CEO and co-founder of Turntable.fm said that their investor has an amazing record of investing which can be noted by looking at the list of Internet companies wherein they have their investment banked on. The list includes Zynga, Twitter, Tumblr and Foursquare. Moreover, Billy even had his thought on Wilson where he said, “Having Fred Wilson less than ten blocks away to discuss product ideas with is invaluable.”
Turntable has had a quick time success story since May, when it was launched. Now, with this step ahead it shows that the company is seeing a lot of progress and the backing it has, is good for the count.
For the investors, in addition to USV, Turntable was even seen a monetary flow from First Round Capital, Polaris Venture Partners, and Lowercase Ventures. Lowercase Ventures previously had even had investments in Turntable’s predecessor Stickybits, which raised $2 million. Apart from the said investors, other investors include entertainment figures such as Lady Gaga’s manager Troy Carter, Madonna’s manager Guy Oseary, Courtney Holt, former president of MySpace Music, former Facebook director of monetization Tim Kendall, late night host Jimmy Fallon and the Roots.
Moreover to keep its momentum going on, it has dropped in Apple world with its iPhone app. The app brings over all the features and limitations of the online service and makes it available on an iPhone. If one makes use of any other device which uses Apple’s Airplay technology, then they would be able to push out music too. But they will not be able to DJ in a room alone.
For its availability, it is not restricted to just a friend of a user, but to each and every user who gets registered via Facebook.