Jelli Secures $7 Million in Series A Funding for Crowdsourced Radio
SAN MATEO, Calif., May 13 /PRNewswire/ -- Jelli, the company that puts radio into the hands of its listeners, today announced it has closed a $7 million Series A round of funding led by Battery Ventures, with participation from First Round Capital. The funding will be used for radio market expansion, new product development and team growth. Satya Patel, Battery Ventures partner and former Google executive, will take a seat on the company board.
"While the digital music and Internet radio industries have been booming, where's the innovation in traditional radio?" said Satya Patel, Partner at Battery Ventures. "Finally, Jelli is introducing disruptive technology that helps terrestrial radio become a 21st century digital business. Today's consumers are accustomed to a customizable, interactive and social media experience, and Jelli delivers that for a business that has been limited to two-way communication by call-in or SMS. We think the Jelli team has developed an incredible business, the vision to revolutionize terrestrial radio, and the talent to make it all happen. We are thrilled to be partners in their growth."
Jelli (www.jelli.com) is a social music service which combines the power of the web with the reach of terrestrial radio. Jelli's user-controlled radio format enables listeners to vote for songs up ("Rocks") or down ("Sucks") to create and alter the playlist in realtime, essentially taking over a radio station using their web browsers. This is enabled by Jelli's web platform which integrates with radio station infrastructure to transform programming and advertising.
Since the company's launch in 2009, Jelli has developed tremendous support from local radio communities and has inked impressive syndication deals while delivering strong ratings. In March 2010 Jelli partnered with Triton Media to launch the service across the U.S., including Boston and Philadelphia. Jelli is live and on the air in 17 markets in the U.S. and Australia. Jelli was originally piloted on CBS Radio's LIVE 105 in San Francisco where it was a runaway ratings success and has expanded to six nights during prime time.
"Jelli's popularity is driven by the social web and is giving a new voice to millions of consumers," said Jelli CEO and founder Mike Dougherty. "It's empowering and also super fun. We're excited to work with an incredible group of investors to reinvent what is possible with radio."
Jelli is 100 percent user-controlled radio, enabling users to take over a radio station using their web browsers. Leveraging the power of the web to reinvent traditional broadcasting, Jelli empowers the community to interact with the broadcast in real-time and determine dynamically what plays on-air. Launched in 2009, Jelli is based in San Mateo, CA. For more information, visit www.jelli.com.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies, and stages of a company's life -- from start-up and expansion financing to growth equity and buyouts. Battery has supported many breakthrough companies around the world, including: Akamai Technologies (AKAM), BladeLogic (acquired by BMC Software), LIFFE (acquired by EuroNext), MetroPCS (PCS), Infoseek (SEEK), and Omniture (OMTR). Its portfolio of Internet and Digital Media companies today includes: Angie's List, Bazaarvoice, BlueKai, Exact Target, FreeWheel Media, Lotame and TrialPay. Battery currently manages $4B in committed capital, including its current $750M fund, and invests from offices in Boston, Silicon Valley and Israel. For more information, visit http://www.battery.com
SOURCE Jelli, Inc.
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