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Monday, March 27, 2000

LISTEN.COM WINS INVESTOR LOTTERY

$70 Million Largest Raised By Internet Music Company
Listen.com announced the completion of a $70 million private equity placement in the company. Led by Attractor Ventures and including European VC fund Index Ventures and many of Listen.com’s prior investors, the $70 million round of funding is one of the largest ever raised by an Internet music company.

This latest round of funding follows the strategic investments in Listen.com made by all five major labels, which was in itself a landmark.

"Coupled with the major labels' investment in Listen.com, this new funding from one of the most successful Wall Street crossover funds, one of the top European venture firms and our other highly regarded prior investors helps cement Listen.com's standing as a company that has been successful at attracting some of the most savvy investors possible," said Listen.com CEO and founder Rob Reid. "Now, if we could just find a way to get the press Napster or MP3.com gets, we’d be set."

The Web site plans to use the equity to fuel Listen.com’s continued growth in product development, brand marketing and international expansion. Listen.com Japan is scheduled to launch later this year.

Often referred to as the "only comprehensive guide to legal online music" on the Web, Listen.com has deals with nearly every major music Web site, including MP3.com, Emusic and Liquid Audio. The company also powers music download searches on several other sites via syndication deals, including Excite, Lycos, RealNetworks, Shockwave.com, Snap.com, Sony and ZDNet.

 
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