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TuneIn Raises $25 Million

Webcaster also says it’s surpassed one billion listening hours

TuneIn says it’s raised $25 million in a new round of funding led by new partner — Institutional Venture Partners, in addition to participation from existing investors Sequoia Capital, Google Ventures and General Catalyst Partners.

TuneIn CEO John Donham says the funding will be used to increase ad revenues.

The webcaster also says it surpassed one billion listening hours between January and April, counting some 40 million monthly active listeners.

The company is also enlarging adding to its executive team. TuneIn now has its first chief financial officer; the company chose former Google Assistant Treasurer Axel Martinez for that position. He will oversee the strategic business investments this round of funding allows.