Updated with comments from Pandora
Widely popular Internet radio service Pandora just raised another $35 million in venture funding, according to a report in peHUB.
This comes after some other good news for the Oakland, Calif., startup earlier this week — a royalty deal between Internet radio companies and the record industry, which Pandora Chief Technology Officer Tom Conrad described as finally putting the service “on safe ground.” (Others were less optimistic about the impact on smaller web broadcasters.) Of course, if peHUB is correct, then Pandora must have raised the money before the agreement, meaning that the backers were either confident that a deal would be reached or that the company would figure out a business model regardless.
I’ve emailed Conrad for confirmation or comment, but I haven’t heard back. Pandora previously raised $22 million from CrossLink Capital, Labrador Venture Partners, Selby Venture Partners and WaldenVC.
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Update: Here’s the statement Conrad sent me:
Pandora recently closed a round of financing. Consistent with our past practice, the amount and valuation are not being disclosed.
We are honored that David Sze of Greylock Partners led the investment round and has joined Pandora’s board; Greylock joins existing investors Crosslink Capital, Walden Venture Capital, Labrador Ventures, King Street Capital, Hearst Corporation, DBL Investors, and Selby Ventures.
New funds will be used toward the continued growth and development of Pandora.
[Conrad, in fact, will be joining us a speaker at MobileBeat 2009, our mobile conference for industry leaders this coming Thursday in San Francisco. Sign up soon.]
