Pandora Raises Fifth Round of Funding From GGV and Allen
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
Music streaming service Pandora has had their first profitable quarter and the company has raised its fifth round of funding. The amount of the fifth round was undisclosed and it was provided by GGV Capital with participation from Allen & Company. Pandora currently has 50 million registered users and previously raised a total of $56.3 million. Pandora’s revenues for 2009 was $50 million, but the company had to pay about $28 million in royalties.