October 1, 2011
Stitcher, an app that lets you personalize your favorite Internet talk radio on your mobile device, announced last week that it has secured $10 million in a round of Series C funding led by New Enterprise Associates (NEA). Previous investors Benchmark Capital, New Atlantic Ventures, and angels like Ron Conway also contributed to the funding, bringing the startup’s total to $18.7 million.
Ravi Viswanathan, general partner at NEA, will join the company’s board of directors.
“Stitcher has created for talk radio what Pandora, Spotify, and others have built for music. They’ve made it personalized; they’ve made it mobile; and they’ve made it available when and where people want it,” said Viswanathan. “In terrestrial radio, talk programming has generated a $5 billion advertising market. The potential here is tremendous, and [CEO Noah Shanok] and his team have the vision to realize it.”
The free app allows users to create customized radio stations and listen to news, talk, sports, entertainment and comedy radio programs on-the-go. Everything updates automatically and continuously with the latest episodes and content – no additional updates or syncing required.
With an offering of over 6,000 different shows, users have access to anything from CNN News to Chelsea Lately to Fox Sports. Stitcher is also available in vehicles through the Ford SYNC platform and the Buick IntelliLink in-car connectivity system.
According to Shanok, in the last year Stitcher has increased its content offerings by 50% and quadrupled its listening time. The funding will be used to fuel growth through new hires, increased product development and partnerships with content providers.
Did you like this article?
Get more delivered to your inbox just like it!