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On-Demand Music Startup Rdio Raises $17.5 Million

The on-demand social music service Rdio has raised $17.5 million from Mangrove Capital Partners and existing investors Rdio co-founder, Janus Friis, through his investment entities, as well as Atomico and Skype.

Rdio has been on our radar since they worked with the Recording Academy on a mobile app for the GRAMMY Awards. To strengthen its ties to the music industry, the company has now added to its board Warner Bros. Records chairman Rob Cavallo, a Grammy-nominated producer who has worked with artists like Green Day, Dave Matthews Band and Alanis Morissette. Existing board members include Europlay Capital Advisors CEO Mark Dyne, Atomico co-founders Janus Friis and Niklas Zennstrom, and Rdio CEO Drew Larner.

With this recent round of funding, Rdio plans to take the service to new platforms and new regions throughout the year. Most recently, the company partnered with Sonos to bring music to home speakers. “The convergence of many factors, including the pervasiveness of smartphones, network robustness, and consumers accustomed to on-demand content make it an exciting time to lead a company like Rdio,” said Drew Larner, Rdio CEO in a statement. “It says a lot that notable investors share our vision.”

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