RealTime IT News

Listen.com Nabs $70 Million

Listen.com Monday grabbed a $70 million equity investment led by crossover fund Attractor Ventures, European venture capital fund Index Ventures and many of Listen.com's prior investors.

The new investment follows investments made by five major music labels in Listen.com.

The equity will be used to fuel three areas key to Listen.com's continued growth: product development, brand marketing, and continued international expansion.

Last month, Listen.com announced a joint venture with Trans Cosmos Inc. to establish Listen.com Japan, which is scheduled to launch later this year.

"Index Ventures will use our experience and significant base of contacts in the European technology market to help Listen.com make rapid, but wise, moves here," said Index Ventures general partner Neil Rimer.

"We feel that Listen.com will occupy a dominant position as the relationship between the music industry and the Internet matures."