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September 13, 2011 08:56 pm GMT
The line of investors trying to press their way into Turntable.fm's latest round of funding was appropriately similar to the line outside a crankin' dance club: a mix of money and celebrity. And not everybody could get in. But the funding finally closed, and it came in at $7 million, half a million less than the amount "confirmed" by Business Insider in July. Turntable had offers on the table for twice as much money, but they really wanted Fred Wilson of Union Square Ventures to lead the round. Wilson will take a board seat.The other investors include the original investors in Turntable's predecessor company, Stickybits: First Round Capital, Polaris Venture Partners, and Chris Sacca's Lowercase Capital. Some celebrities and entertainment executives also got into the round, such as Lady Gaga's manager Troy Carter, Madonna's manager Guy Oseary, Jimmy Fallon, band members from the Roots, former MySpace Music president Courtney Holt, and former Facebook exec Tim Kendall. I also heard that a second venture capital fund, perhaps Benchmark or Kleiner, put in a nominal amount just to get an option to invest in the next round.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/b858QO7i7lU/
Turntable.fm Closes That $7 Million Round, Fred Wilson Joins Board
The line of investors trying to press their way into Turntable.fm's latest round of funding was appropriately similar to the line outside a crankin' dance club: a mix of money and celebrity. And not everybody could get in. But the funding finally closed, and it came in at $7 million, half a million less than the amount "confirmed" by Business Insider in July. Turntable had offers on the table for twice as much money, but they really wanted Fred Wilson of Union Square Ventures to lead the round. Wilson will take a board seat.The other investors include the original investors in Turntable's predecessor company, Stickybits: First Round Capital, Polaris Venture Partners, and Chris Sacca's Lowercase Capital. Some celebrities and entertainment executives also got into the round, such as Lady Gaga's manager Troy Carter, Madonna's manager Guy Oseary, Jimmy Fallon, band members from the Roots, former MySpace Music president Courtney Holt, and former Facebook exec Tim Kendall. I also heard that a second venture capital fund, perhaps Benchmark or Kleiner, put in a nominal amount just to get an option to invest in the next round.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/b858QO7i7lU/
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